Millionaires feel somewhat better about the stock market today, according to new Millionaire Corner research, but confidence trails record market highs.
More than 40 percent of Millionaires indicate they are more confident about the stock market today than they’ve been in the past, but one- fourth feels less confident and 34 percent says their sentiment toward the stock market today is “about the same as I have always felt.”
The results of Millionaire Corner’s monthly survey for March indicate investor confidence among Millionaires is trailing stock market indices that have closed at or near market highs for much of the past two weeks. Millionaires generally look to employment levels and gross domestic product activity – as opposed to stock market gains – to gauge the strength of the U.S. economy. Less than 10 percent of Millionaires - who have investable assets of $1 million up to $5 million - feel it’s a good time to buy stocks, 19 percent would sell and 72 percent say they believe it’s time to hold.
Learn more about how Millionaires plan to invest in 2013.
Confidence is growing at a slower rate among individuals with less than $500,000 to invest, according to our research, and those less than $100,000 to invest actually express declining confidence in the stock market today. One-fourth indicates they’re more confident than in the past, but 36 percent say they’re less confident and 39 percent say their attitudes to investing in equities remain “about the same.” Close to 30 percent of the individuals with less than $100,000 to invest believe it’s a good time to sell, 61 percent would hold and 11 percent would buy.
What do Millionaires see as the hot industry sectors for 2013?
Investors who describe themselves as “aggressive” or “very aggressive” – willing to place all or a significant portion of their assets at risk for potentially higher investment gains – are most gung ho about the stock market today. More than 43 percent indicate they’re more confident than in the past, 23 are less confident and 34 feel the same. More than 15 percent see buying opportunities, while 23 percent would sell and 62 percent would hold. In comparison, conservative investors express the biggest decline in confidence. Twenty-two percent indicate they’re more confident in the stock market today, but 37 percent are less confident and 41 percent feel the same. Four percent would buy, 28 percent , sell and 68 percent hold.