The firm, led by its chief global strategist, Peter Berezin, acknowledges the “nervous” tenor of trading patterns right now, but adds: “Nevertheless, we would ‘buy the dip’ if global equities were to fall 5% to 10% from current levels.
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While the pace of reopening will slow, there is little appetite for the sort of extreme lockdown measures that were implemented in March. The U.S. Congress will ultimately extend fiscal support for households and firms. Around the world, both fiscal and monetary policy will remain highly accommodative, which should provide a supportive backdrop for stocks.”
It’s worth noting that the BCA team has gotten at least one big call right recently. In February, right as stocks SPX, +1.58% struck an all-time high, BCA cautioned that investors were likely being too complacent about the possibility of a global pandemic.
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