Time is running out and hope is fading fast that this market still has a Santa Claus rally somewhere up its sleeve.
"I was in such a good mood a week ago," says Keith Wirtz, chief investment officer of Fifth Third Asset Management. "Five days ago I felt like we would have the infamous Christmas rally." Now, he sees signs that institutions are cashing out with two weeks of trading to go.
Despite decent economic news, investor behavior appears to have changed, especially amongst the active managers and hedge funds that share his institutional orbit.
"It's too frustrating," Wirtz says in the attached video clip. "75 to 80% of active managers have underperformed this year...I think they've just thrown in the towel." Too much money has moved to the sidelines to change Wirtz's mind.Read More »from Ho, Ho, No! Santa Claus Rally Won’t Hit Wall Street This Year Says Wirtz