A vital Wall Street bank usually got reduction confident about the batch market, usually partly since of the brand new downdraft.
The alternative reason? Bullishness had gotten as well high.
Bank of America Merrill Lynch right away predicts the benchmark Standard & Poor’s 500 index will finish 2015 at 2100, down from the prior aim of 2200.
In a investigate note Tuesday, BofA remarkable which Wall Street’s bullishness on bonds strike a 17-month tall in August. Excessive confidence can be a contrarian indicator.
The S&P jumped 2.5% to 1969 Tuesday. BofA’s brand new aim would meant an additional 6.7% climb from here — for a 2015 benefit of 2.0%. Not a great year, but any benefit is good.
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