- O mercado de ações está caminhando para outra grande liquidação, a menos que os dados econômicos melhorem rapidamente, disse o Goldman Sachs em nota na quinta-feira.
- O Goldman está preocupado com o fato de grande parte da alta de 14% da baixa de meados de junho ter sido impulsionada por traders sistemáticos, e não por investidores fundamentais.
- “Sem sinais claros de uma mudança positiva no momento macro, o re-arrisque temporário pode realmente aumentar os riscos de outra perna mais baixa”, disse Goldman.
Carregando Algo está carregando.
Os investidores que esperam que a alta de 14% no S&P 500 desde a baixa de meados de junho seja o início de um novo mercado altista não devem prender a respiração, de acordo com uma nota de quinta-feira do Goldman Sachs.
The bank said that unless economic data quickly improves, the stock market is headed for another big sell-off that could ultimately lead to new lows.
“Without clear signs of a positive shift in macro momentum, temporary re-risking could actually increase risks of another leg lower in the market rather than signal the end of the bear market,” Goldman’s Cecilia Mariotti said.
That is especially true if the nearly two-month long surge in stock prices has been driven by systematic traders rather than fundamental investors, according to Goldman, as traders can more quickly dump the long exposure and turn bearish.
Depressed investor sentiment and low equity positioning among traders in 2022 is not enough for a sustainable bottom in stocks to materialize, the bank said.
“Given the misalignment we see in growth pricing across assets vs. the still elevated risks to growth investors might face in 2H, we remain comfortable with our somewhat defensive allocation over three months, and would wait for additional clarity on the macro side before expecting a sustained and prolonged market turn,” Mariotti said.
One concern the bank has is the impact of high inflation on retail investors’ ability to continue buying more stocks, as rising prices for everything from gas to food erodes their purchasing power. High inflation could be especially potent as the saving rate continues its decline to pre-pandemic levels.
“This is particularly relevant as households – alongside corporates – have been one of the largest sources of US equity demand,” Mariotti said.
A decline in inflation would be a welcome sign for the Federal Reserve, consumers, and investors, and there are some early signs building via falling commodity prices that suggest a peak in the current cycle of inflation has already happened or is right around the corner.
Falling inflation would give the Fed flexibility in slowing down its interest rate hike trajectory. That, combined with resilient earnings and a rebound in consumer sentiment could help build conviction that the current stock rally has legs. But until inflation decisively peaks, the risk to the downside remains, according to Goldman.
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