Bank of America Merrill Lynch said today that global stocks are looking oversold, with 63% of global shares in bear territory compared to last week, which was 58%.
The bank's analysis showed that 1,742 of the 2,767 global stocks were down by 20% from their peaks, while the number of emerging markets rose to 919 out of 1150 stock markets, or 80% of the total. In New York Stocks, 1164 shares out of 1899, or 61%, were in bear bracket.
Global stocks are heading for the fifth straight week of losses and appear to be heading for the worst month in the past seven years; the S&P 500 appears to be on track to erase all gains this year.
