Are risk assets oversold?

US equities may be approaching a turning point, and Facebook will be a key test.

PORTFOLIO POINT: US equities appear oversold, but with markets vulnerable and Europe's situation uncertain, the Facebook IPO should provide a key to what’s ahead.

From January 1 to May 1, the S&P500 climbed 11%; in two weeks, it’s dropped by 7.5%. The S&P is still up for the year, but European stocks and commodities are now in the red.


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