‘No Bears Left’ Is Worrying Refrain Coming From Wall Street
- The rally was “a sign of excessive euphoria,” says Ielpo
- Morgan Stanley prime brokerage data show funds are selling
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The message coming from Wall Street is that investor optimism is running dangerously high.
Overstretched technicals and the belief that the Federal Reserve won’t cut interest rates as quickly as markets expect are driving a sudden pessimistic turn from equity specialists at JPMorgan Chase & Co. and Morgan Stanley. As Goldman Sachs Group Inc. Managing Director Scott Rubner put it in a report, there are “no longer any bears left.”