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Investment managers betting on a rally

Jason Goepfert
2020-04-30

This week's survey from NAAIM shows that active investment managers are more than 70% net long stocks, a huge increase from a month ago. There have been 3 distinct times when managers were at least this exposed while the S&P 500 was below its 50-week moving average, according to the Backtest Engine. In January and May 2008, it led to almost immediate and substantial losses. In January 2019, it was the beginning of a v-shaped bottomed. Not a whole lot we can read into that other than perhaps that if stocks are able to shake off this optimism in the short-term, it bodes well longer-term.

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