The calm that has prevailed in the US equity market may be starting to snap, as a range of worries bolster the case for investors looking to take profits on a rally that has seen the S&P 500 gain more than 7% this year
The market may be "back in the soup on the banking crisis," said Chuck Carlson, chief executive officer at Horizon Investment Services. "I think that is what jolted the market out of its low volatility environment.", known as Wall Street’s fear gauge, jumped after logging its lowest close since November 2021 on Friday.on Monday that the government could run short of cash to pay its bills by June.
Hickle believes investors with shorter time horizons should lighten up on stocks and raise cash allocations. Carlson, of Horizon Investment Services, said his firm's portfolios have lower-than-typical levels of equity exposure, instead holding money market funds and short-term bonds. Matthew Tym, head of equity derivatives trading at Cantor Fitzgerald, said some investors on Tuesday were taking options positions designed to protect their portfolios in June and July, a period where many believe equities could be vulnerable to debt-ceiling related volatility.
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