Based on history, the next few months are seasonally weak period for equities.
The concerns of the potential spread of the highly contagious variant increases downside risk noting that the seven-day average of new daily coronavirus cases was 85,459 as of Monday and news like New York City expecting to require proof of vaccine for indoor dining and gyms may dent positive sentiment and impacting the reopening stocks.
With most biggest companies having released earnings and the markets having little reaction along with the upcoming Jackson Hole and FOMC events where the Fed could very well begin discussions on tapering and rates, it is not unreasonable to take some risk off the table and be cautious moving ahead.
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