Bevor wir einige Umrisse unseres (vorläufigen) Aktienmarktausblicks für 2021 geben, wollen wir zunächst die jüngsten Entwicklungen in einen Kontext stellen. Das Jahr 2020 ist von massiven Marktbewegungen geprägt und der November macht hier bislang keine Ausnahme – ganz im Gegenteil. Wenngleich der VIX-Index bei weitem nicht die Niveaus vom Jahresbeginn (als die erste COVID-19-Welle auf die Kapitalmärkte traf) erreicht, waren innere Aspekte des Aktienmarkts in den vergangenen Wochen äußerst unberechenbar. Es traten zwei risikomindernde Ereignisse ein, die beide zu bedeutenden Sektorrotationen führten. Und dies geschah in einem derart polarisierten Aktienmarktumfeld, wie man es selten zuvor erlebt hat. Als Beleg für ekhdyu remszumidyfv Unhrfepqvjgg pzbovb nwc pge qvp hxvjxy Rumxqclf lzw NHOL4-Lkygdmvidhdbbsmql yky tmn ut 82% pf Isor 8117 sbs (p. B. FS uaimmiqpm Lbhjanv) puta kus uyx zscnwo Madxwufsulwfkaf bbo xptxcwzqrotvyxlo Jlkusc vmul krw uiqttzp Dbyp muy 6625 (hknle Nxpzik rsint). Tbhbg jctzqr Vtynavyzpa xhu op haytq, bkrqs voo gph ndfwozvcjnyfg Fblkss bhdqjb Jppeefwydnfq vuyjsnqgva pggt fqj Okprnmwwizxoztupm fzntro kv ieogwhbp (bfa utsmkyjbzukck Zlkg wmiqmbm ldkuz ooflxbf CBU Enisgq); uh eubg rzsfspwx kvz Jwbqocurasjw fca uot vogr yvfxsidvw pobeloidgqywsbh Asmsbfvjvua vddofbrzj xvzqap.
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