Even with stock prices at new record highs, with a great deal of money and speculation in the markets, one economist and strategist is advising investors to “start scaling back” on stocks. David Rosenberg, chief economist and strategist at Gluskin Sheff wrote in his daily report today:
“Speculative bets on the S&P 500 are at their highest levels since Jan. 6, 2015, with traders speculating on market direction through Dow futures contracts. These spec positions along with 11 other factors are a warning to clients that they should sell into, not buy, the recent rally. Discipline means always buying the fear and selling the greed. On a scale of one to 10, we are at eight on this scale. So start scaling back.”
See more below.
Dow Jones Industrial Average: 18,613.52 (+117.86 / +0.64%)
NASDAQ: 5,228.40 (+23.81 / +0.46%)
S&P 500: 2,185.79 (+10.30/ +0.47%)