塀で囲む St Week Ahead-投資家s raise cash as U.S. 回復 wobbles; 選択s 戦略s 利益（をあげる）
By April Joyner
NEW YORK, July 31 (Reuters) - 投資家s are 準備するing their 大臣の地位s for a 潜在的に rocky patch in U.S. 在庫／株s, worried that a 劇の 回復する in 公正，普通株主権s may 立ち往生させる まっただ中に dimming 経済的な data and rising political 不確定.
Most money 経営者／支配人s are 用心深い of cutting 公正，普通株主権 （危険などに）さらす too 徹底的に in a market that has 決起大会／結集させるd more than 40% since late March and stands 近づく 史上最高s にもかかわらず 普及した 経済的な 荒廃 and a 全世界の coronavirus pandemic.
Still, 証拠 that the 突発／発生's U.S. resurgence is 圧力ing the economy's nascent 回復 are 押し進めるing some to beef up cash positions or 攻撃する their 大臣の地位s toward Europe, where 経済的な prospects appear to be brighter than in the 部隊d 明言する／公表するs. The 業績／成果 of 選択s 戦略s that 利益（をあげる） in sideways markets - such as the "アイロンをかける condor," which 伴う／関わるs long and short positions on both calls and puts - has also 改善するd.
甚だしい／１２ダース 国内の 製品 numbers, 解放（する）d on Thursday, showed U.S. growth 苦しむd its worst 攻撃する，衝突する on 記録，記録的な／記録する in the second ４半期/4分の1, while more 最近の data point to fading 消費者 信用／信任 and 失業 （人命などを）奪う，主張するs 支援する on the rise.
The S&P's 週刊誌 前進するs have grown progressively smaller throughout July, though the 索引 is on 跡をつける to 配達する a 4% 伸び（る） for the month.
"The longer (経済的な 証拠不十分) 固執するs, the more 永久の the 構造上の 損失 becomes," said Michael Hans, 長，指導者 投資 officer at Clarfield 国民s 私的な Wealth in Tarrytown, New York. "For the moment, a 範囲-bound シナリオ makes sense."
関心s over the U.S. 大統領の 選挙 are also 開始するing. On Thursday, 大統領 Donald Trump 示唆するd on Twitter that the Nov. 3 投票（する） be 延期するd, though he has no direct 当局 to do so.
逮捕する outflows from 公正，普通株主権 基金s were $1.8 billion in the fourth week of July, while 社債 基金s took in $17.2 billion and money market 基金s received $5.5 billion, によれば EPFR.
Ma rket 関係者s hope the Labor Department's July payrolls 報告（する）／憶測, 予定 next Friday, will shed more light on the 明言する／公表する of the 回復.
Some 投資家s who have racked up big 伸び（る）s during the 公正，普通株主権 決起大会／結集させる of the last few months are now turning 用心深い.
Eric Marshall, 大臣の地位 経営者／支配人 at Hodges 資本／首都 in Dallas, has sold some of the 在庫／株s he 購入（する）d earlier in the year and 追加するd to cash positions, 納得させるd that rewards have 減らすd for buying even the most beaten-負かす／撃墜する 株.
"We've taken 利益（をあげる）s, and we've been very slow to redeploy that money 支援する," he said.
不確定 over the 近づく-称する，呼ぶ／期間／用語 見通し for 公正，普通株主権s and 財務省 産する／生じるs 近づく 記録，記録的な／記録する lows have 誘発するd Charles Day, a 私的な wealth 経営者／支配人 at UBS in New York, to raise cash holdings to between 5% to 10% in the 大臣の地位s he manages.
"普通は the 安全な-港／避難所 money would be on the 直す／買収する，八百長をするd-income 味方する, but having some cash for a while seems to be 慎重な to me," he said.
Others see greater 適切な時期s in European 在庫／株s than in U.S. 公正，普通株主権s, in part because of the 地域's はしけ COVID-19 caseload.
Ben Kirby, co-長，率いる of 投資s at Thornburg 投資 管理／経営, recently 追加するd Deutsche Telekom AG to his 大臣の地位, betting the company will 利益 from a 支えるd 転換 to remote work.
"As the S&P has been 決起大会／結集させるing, we've been 減ずるing our （危険などに）さらす to 国内の 在庫／株s," Kirby said. "Europe is looking ますます resilient."
範囲-bound U.S. 在庫／株s could still be lucrative for some 投資家s, however.
Choppy 貿易（する）ing in U.S. 在庫／株s has helped keep the Cboe Volatility 索引 above its long-称する，呼ぶ／期間／用語 普通の／平均（する） even though 株 全体にわたる have moved minimally, strategists say.
That is a 都合のよい 環境 for short-volatility 戦略s, said Stacey Gilbert, 大臣の地位 経営者／支配人 for derivatives at Glenmede 投資 管理／経営 in Philadelphia. 選択 販売人s 推定する／予想する to collect income when 期待s for market gyrations remain high but actual moves are more muted.
Likewise, an 索引 that 跡をつけるs the S&P 500 "アイロンをかける condor" 選択s 戦略 - which 利益（をあげる）s in 範囲-bound markets and had been 不正に 攻撃する，衝突する this year - is 始める，決める to 地位，任命する its first 月毎の 伸び（る） since last October.
"Many people think that the 回復 has mostly done what it's going to do" for now, said マイク Zigmont, 長，率いる of 貿易（する）ing and 研究 at 収穫 Volatility 管理／経営, which 専攻するs in アイロンをかける condor 戦略s. "There's not much upside, but there's not much downside left, either."
(報告（する）／憶測ing by April Joyner; Editing by Dan Grebler)
