Kunal Shah, the co-CEO of Goldman Sachs International and the global co-head of the fixed-income, currency and raw material activities, gives a warning for the US stock market.
In a new Goldman Sachs -Podcast, Shah out That despite a risk activa meeting in the US and strong basic principles that support the upward trend, the “technically” do not show optimistic prospects.
“The risk asset rally, especially in the US, has been fierce. That recovery from April, when we had everything that chaos was strong. I think it was pretty well based, the income is exceptionally strong. You have the undercurrent of deregulation along the way. Of course, the AI theme ….
I would say that the rally has its strong substantiation so far. But I do think that the technical means here are less attractive. There was just a big risk from April, Retail bought the dip, but our institutional customers became absolutely defensive and they just had to chase that meeting. But I think a lot of that underweight has been treated. Buying systematically, some of the best of it is behind us. Buying the company, some of the best of it is also behind us.
So I don’t think the technical means are just as favorable from here. ‘
According to Shah, the signs of a meme distribution mania in the midst of “flashpoints of foam” in the market make him a “little more cautious” in the market.
“Again, these kinds of exceedances can continue to exist for a while. I am not saying that the structural underflows are not still positive. But I think it is a suitable time to become a little more defensive.”
A recent Reuters report quoted Department store chain Kohl’s, Real Estate Opendoor Technologies, cameramaker GoPro and restaurant chain Krispy Kreme as some of the shares that have bad Fundamentals, but still collected, driven by social media hype.
https://www.youtube.com/watch?v=o2NZQLGZAJ8
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