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Opinion
John Authers

‘Full Capitulation’ Could Mean Opportunity Knocking

There’s deep negativity over the outlook for the economy. But previous occasions when big fund managers favored bonds this much turned out to be historically great for stocks.  

Pedestrians outside the New York Stock Exchange on Monday. The market is on edge over corporate earnings and the immediate outlook for the economy.

Pedestrians outside the New York Stock Exchange on Monday. The market is on edge over corporate earnings and the immediate outlook for the economy.

Photographer: Jonathan Alpeyrie/Bloomberg

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People are negative. Really, really negative. Now, the question is whether that could conceivably be a good thing.