Have the markets reached the exuberant stage? Bullish sentiment has been the order of the day for a while, and the S&P 500 currently sits at 4,455, reflecting year-to-date gains of 16%.
By now, the index has already surpassed the year-end target of 4,400 set by Raymond James’ chief investment officer, Larry Adam. This achievement serves as a bit of vindication for Adam. He went against the prevailing sentiment at the start of the year, which, if you recall, was decidedly bearish due to the downbeat environment of 2022. Despite that, Adam maintained a positive outlook. Now, as everyone jumps back on the bull bandwagon and relative strength indicators enter ‘overbought territory,’ Adam believes it’s time to play the contrarian once again.
“These technical indicators, combined with other Wall Street firms rushing to lift their year-end S&P 500 price targets in recent weeks, indicated that much of the good news had been priced in – suggesting the market had entered into a…
2023-07-04 19:01:04
Source from finance.yahoo.com