Does a trap lie ahead in US equity markets?

Substantial risks do remain in the US market, but steer clear of cyclical sectors and it should be plain sailing, argues Carmignac Gestion's Sandra Crowl.

The lottery of forecasts US growth expectations at the start of the year looked very tidy, thanks very much.  But after the chilling vortex in the first quarter, these forecasts look more like a lottery. The IMF and World Bank slashed their forecasts for 2014 to 2% while the market consensus expects growth of 3%.  So it looks like a trap lies ahead, and this is not helped by the market’s obsessive monthly wait for employment and growth figures. Substantial risks do remain.  Despite the dovish demeanour of the Fed’s Janet Yellen, and regardless of any monthly data points and trad...