Most pros believe the next 20% market move will be down, not higher, Citi investor survey shows
Traders wear masks as they work on the floor of the New York Stock Exchange as the outbreak of the coronavirus disease (COVID-19) continues New York, May 27, 2020.
Lucas Jackson | Reuters
Nearly 70% of asset managers expect that a 20% correction is more likely than a 20% move higher in stocks, according to Citigroup’s quarterly survey.
Since the last survey in March, the managers have shifted their view of who will win the White House. Former Vice President Joe Biden is now expected to win with 62% expecting it, a sharp reversal from December when 70% expected President Donald Trump to win. Views on who would win were split evenly in March.
The 140 fund managers polled by Citi say they are holding more of their portfolios in cash, despite the stock market rebound. Median cash holdings are 10%, flat …continued .
[Source: CNBC News]