Ned Davis Re­search Finds Worst Mar­ket Since Nixon

The Bond Buyer - - Market News -

Mar­ket statis­ti­cians are fall­ing over each other in 2018 to de­scribe the pain be­ing felt across as­set classes. One ven­er­a­ble shop frames it this way: Things haven’t been this bad since Richard Nixon’s pres­i­dency.

Ned Davis Re­search puts mar­kets into eight big as­set classes — ev­ery­thing from bonds to U.S. and in­ter­na­tional stocks to com­modi­ties. And not a sin­gle one of them is on track to post a re­turn this year of more than 5%, a phe­nom­e­non last ob­served in 1972, ac­cord­ing to Ed Clis­sold, a strate­gist at the firm.

In terms of losses, in­vestors have seen far worse. But go­ing by the breadth of as­sets fail­ing to de­liver up­side, 2018 is start­ing to look his­toric.

Noth­ing’s work­ing, not large or small­cap stocks in the U.S., not in­ter­na­tional or emerg­ing eq­ui­ties, not Trea­suries, in­vest­ment-grade bonds, com­modi­ties or real es­tate. Most of them are down, and the ones that are up are do­ing so by per­cent­ages in the low sin­gle-dig­its.

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