Equities Receive Some Capitulation Support from the BofA Fund Manager Survey
Global fund managers refocus on European over U.S. equities
Highlights
• Global fund managers refocus on European over U.S. equities
• Dollar sinks amid bullish moves in sterling, euro, and the loonie…
• … while gold shines amid geopolitical risk
• U.S. reciprocal tariffs on April 2nd will be messy
Key Takeaways
• No Clarity Yet on a Market Rally Attempt: There were some important messages in yesterday’s market action, but what is not yet clear is whether a serious rally attempt is underway (will require more follow-throughs, which were absent yesterday) or whether we are still in correction mode (which would require the recent lows to be undercut).
