Daily Report : Broad display of medium-term uptrends during long-term downtrends; Big money managers come back

All (or almost all) industries, sectors, and worldwide equity indexes are trading above their 50-day moving averages. But as we saw on Thursday, few have yet managed to hold above their 200-day averages. This happens during the initial kick-off stage of long-term recoveries. In the past, this raised investors' risks short-term but led to long-term positive returns.; A survey of large money managers shows that they are overweight equities for the first time in months. History is limited, so there were only two other times when managers were underweight stocks for months on end, then turned positive. Both led to sustained recoveries as money continued to pour in.

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