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Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S.
Nearly 1 in 3 market pros now think a near-term correction is in the cards, according to last week’s Investors Intelligence survey. One respondent to a separate sentiment gauge, the American Association of Individual Investors, had this to say:
“A large correction is very likely in the coming months and is the reason that I am currently neutral over the next six months rather than bullish. Bullish is my current long-term position, however.”
There’s more economic data out this week that will help paint the picture as well: Manufacturing on Monday, durable goods orders and the trade balance on Tuesday and growth in the non-manufacturing sector Wednesday.
Also, we’ll get a little better look inside the Federal Reserve’s collective thinking Wednesday when the central bank releases the minutes from its March 14-15 meeting. As you’ll recall, Fed officials hiked rates a quarter-point, and the minutes will help give some insight into why they did what they did.