Even though US equities are within 1% of their all-time high we are seeing bullish contrarian sentiment indicators e.g. The number of market commentators who are expecting a correction remains very elevated and near to the levels reached in March 2020, and in December 2018. This high latent bearishness can best be interpreted as bullish as surprises appear still likely on the upside. The VIX looks destined to test its pre-COVID levels before a buying opportunity may present itself in 2022.
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MM is comfortable with risk into 2022
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