Wall Street money managers don’t have the intestinal fortitude they once had, according to a recent study.
The New York Post reports that the chaos in Greece, the bedlam in China and a weakening US economy have spooked the moneymen into a very defensive stance, according to our interpretation of last week’s BofA Merrill Lynch Fund Manager Survey data.
And despite the VIX or fear index closing at 12.02 — a near record low — how fear is measured is part of the underlying scientific analysis of markets.
All stock-market rallies need fuel. Cash is that fuel; it is also the support that cushions any short-term declines in the markets.
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