Australian shares are poised for an opening lift after the Dow recouped 618 points, paced by JPMorgan’s optimistic outlook. Follow updates here.
Although some investors are betting on equities shedding more value, the end of the rout may be nearer than it appears, according to Jim Paulsen, chief investment strategist at The Leuthold Group.
“Conviction across both Main Street and Wall Street is currently lower than about 94 per cent of the time since 1960. The bear doesn’t have to ‘check’ any optimism because it is already gone,” Paulsen wrote. “There has been chronically elevated stock market volatility [investor fear] and persistent Main Street negativity in a manner never seen back to 1960. Indeed, since 2020, for the most part, consumer confidence has been below its 30th percentile, while the VIX Volatility Index has been above its 70th percentile. By these measures, it has been a unique period of chronic pessimism.”
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