Meme Stock Marauders Aside, the Average S&P 500 Bull Is Worried
- Fewer respondents see next 10% move as up in Evercore survey
- Signs of caution creep up in fund flows and equity positioning
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Back in December, if you asked the typical investor what the next big move would be for the S&P 500, two-thirds would’ve said “up.” After two months of going-nowhere churn in the indexes punctuated by assorted hysterias in crypto and meme shares, barely half would say so now.
For all the kookiness going on adjacent to more stolid stocks, the recent history in American risk markets is one of psychological retrenching. Institutional managers are reining in exposure. People are buying a lot more protection. Even flows to equity funds are slowing.