David Shapiro of Sasfin on what the smart money is doing.
Taking a stand in the midst of an unfolding global bank scare requires courage. I believe the US Federal Reserve and other central bankers will either hit pause on raising rates or slow the pace of hikes. Confining my choices to the domestic market, I think equity markets have discounted the worst of the economic news, and an end or slowdown in the central bankers’ tightening cycles will support further gains.
I would, therefore, buy the STXNDQ, a locally listed exchange traded fund that tracks the Nasdaq 100 index.The JSE offers no listed funds that track international banks, so forced to go short, I would sell the STXFIN — a local ETF that tracks a selection of domestic banking and financial counters — as a proxy.
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