The writer has been Chief US Equity Strategist for Citi since 2001
For equity markets, the parallels between current conditions and those of 1999 are striking and worrisome.
The investor mood in markets has been in ebullient territory since last November, when high-efficacy vaccine news lifted spirits as a budding light at the end of the tragic pandemic tunnel.
That is the signal from Citigroup’s gauge of investor sentiment — the Panic/Euphoria Model — which takes into account factors including the amount of investor positions anticipating a fall in stocks, the level of funds borrowed to purchase securities and commodity price futures.
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