GVI Forex 10:12 GMT 11/30/2020 - My Profile
AT subscribers were given an early alert
GVI Forex 18:59 GMT November 24, 2020
Month End: Reply
Looking ahead, the sharp rise in stocks this month suggest large dollar selling at month end.
Additional selling catalysts include major month-end selling, as JPMorgan recently noted. According to Panigirtzoglou, "if the picture in Figure 1 is a true reflection of how balanced mutual funds have been positioned in recent weeks, then there would be some vulnerability in equity markets in the near term from balanced mutual funds having to sell equities to revert to their 60:40 equity:bond target allocation, either by the end of November or by the end of December at the latest."
Panigirtzoglou echoes Goldman's month/quarter end year-end selling concerns, writing that he sees "some vulnerability in equity markets in the near term from balanced mutual funds, a $7tr universe, having to sell around $160bn of equities globally to revert to their target 60:40 allocation either by the end of November or by the end of December at the latest."
Of course, if this is the real catalyst, there is a lot more downside here, but did these massive managers really leave their allocation shift until the last day of the month?
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