Macquarie bank: Our FOMO Meter rose to +1.57 in March, the highest reading since2004, and suggests below average forward returns for equities.
FOMO Meter alert. At the end of this report is an update of our equitysentiment index outlined in Our new FOMO meter says be fearful whenothers are greedy (22 Mar 24). The FOMO meter rose 0.37pts last monthto +1.57 at the end of March. This is the highest reading since 2004,and US equities fell ~5% in the following 6 months. The most extremecomponent is the net 52% of Asset Managers long S&P 500 equityfutures, as the only point higher is April 2008. We continue to believeequity sentiment needs to cool, and that investors should wait for acorrection before rotating more to risk.
