Modest inconsistencies in fund manager surveys today showed managers flocking to cash on one hand, but believing earnings will only shrink -0.8% on the other. The headline that impacted sentiment most was “65% of survey participants are now expecting a weaker economy, fading optimism for the strong China rebound and persistent recessionary worries.” That sounds less than stellar, and although markets closed lower, they still hung tight to the range we have been enduring for months.
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