New York
ONE of the biggest buyers of US stocks has turned so bearish that a growing number of investors say it can only mean one thing: buy.
Hedge funds that aim to profit from global economic trends - a group that oversees some US$550 billion - spent the past month putting on trades that would profit from a decline in equities. As a result, such "short" positions exceed bullish ones by 22 percentage points, their most pessimistic stance since January 2009, Credit Suisse Group says.
Traders are salivating over the thought of all that money from so-called macro funds flowing back into equities, especially if the market proves resilient to higher interest rates imposed by the Federal Reserve. The...
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