Daily Report : Summation Indexes show complete recovery from devastation; Fund managers find eurozone unattractive
The rally has been sustained and broad enough that the McClellan Summation Index has moved above +500 after hitting -1000 during the panic. When it cycles like this within two months, forward returns were excellent. There have also been recoveries in high-yield bonds and overseas indexes like the DAX, and even emerging markets.; The May survey from Bank of America of large money managers shows that they've become increasingly apathetic about stocks in the eurozone relative to other areas. They are almost at a record underweight relative to their position on U.S. stocks and even bonds.
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