The S&P 500 today is trying to make it four up sessions in a row, with the month so far all about traders rekindling their love affair with tech. They’re also stringing along Macy’s.
But bears can take heart because the world’s biggest hedge fund sounds like it’s on their side.
“2019 is setting up to be a dangerous period for the economy, as the fiscal stimulus rolls off while the impact of the Fed’s tightening will be peaking,” say Bridgewater Associates strategists in a note to clients, according a couple of published reports.
“And since asset markets lead the economy, for investors, the danger is already here.”
Markets are still pricing in “Goldilocks” conditions, and that compounds the risks, warns the giant fund, which was founded by outspoken billionaire investor Ray Dalio.
Bridgewater is downbeat on the prospects of a range of investments.
“We are bearish on almost all financial assets,” say the strategists in their note, which hit last week but was just reported on by Business Insider and ZeroHedge.
Keep in mind that Dalio has admitted to being wrong roughly one-third of the time. And it’s worth remembering the evergreen advice from A Wealth of Common Sense’s Ben Carlson — who says don’t try to emulate the billionaire hedge-fund managers.
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Key market gauges
Futures for the Dow YMM8, +0.20% , S&P 500 ESM8, -0.09% and Nasdaq-100 NQM8, -0.36% are rising, after the Dow DJIA, +0.34% inched lower yesterday, the S&P SPX, +0.02% edged higher, and the tech-laden Nasdaq Composite COMP, -0.16% notched its second-straight record close.
Italy’s FTSE MIB I945, -0.93% is slumping, but other European indexes SXXP, -0.56% are gaining, after Asia largely advanced. The U.S. oil benchmark CLN8, -0.24% , gold GCM8, +0.05% and the dollar index DXY, -0.42% are dipping, as bitcoin BTCUSD, +0.10% holds around the $7,600 mark.
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Source: marketwatch.com | Original Link