Cheer the fear because surprises move markets most
Moderating sentiment recharges the bull market
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AFTER a heartwarming start to 2021, pundits are preaching peril again. America and Europe's quantitative easing (QE) is ending. Covid variants are brewing. Energy prices are surging - in Singapore and beyond. Inflation and stagflation are upon us. And China's real estate woes are threatening a "Lehman moment", dooming global growth.
Don't let rising gloom depress you. For equities, the current unease over well-known, pre-priced or flat-out-false fears marks a pause in early 2021's building froth - signalling more bullishness ahead. Cheer the fear.
After March 2020's bear market bottom, sentiment flipped from dour to sunny lightning quick. Vaccine victories and US election clarity muted most pundits' paranoias. Equity forecasts turned broadly bullish. Euphoria emerged in faddish market corners.
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