Markets in Europe opened broadly resilient, despite another massive day in terms of earnings, with the European equities opening relatively flat on Wednesday. The real story on Tuesday which continues to play out today was market rotation: underperformed, and there was a move out of growth into value – the most significant risk to the market for virtually everyone on the rally bus. Even more so with thoughts of a secondary super spreader lurking in every nook and cranny
The leadership switches that have been underway in the last two days could have a little more to run as the market continues to worry about concentration risk while rebalancing into the month-end. Still, the broader market may do extraordinarily little given the heavyweights of healthcare, and tech in global indices will mostly remain bid on dips.
Go Away In May
If you caught the equity lows in March, it probably makes sense to lighten up your allocation a…