In a new memo to clients published Friday, BMO Chief Investment Strategist Brian Belsky is one of the most solid bulls to quickly call the market turnaround in 2022, claiming that the uncertainty and fear of this market moment is not a reason to tear your views on the market and the economy.
“Given the rise in negative jokes and the many macro predictions being revised downside, we were flooded with opinions, not just by our clients, more directly.
In addition to not knowing about other companies’ processes, Belsky added, arguing that firm-specific trends are estimated in a wide range of markets: “Uncertainty, unfortunately, creates emotions that come from fear.
On Thursday, the S&P 500 (^GSPC) entered the revised area defined as a 10% drop from the recent high.
“We know that corrections are not necessarily comparable to the market that can withstand,” Belsky added.
More widely, Belsky sees the way markets have acted over the past two years – essentially rising unabated in AI enthusiasm, riding a powerful economic wave – set us up for the current moment of instability.
This is Belsky. As we head towards the end of a rough week in the market, there is a money quote about where things stand in the minds of his team.
