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Via Goldman:
“After a swift 18% rally [last week], the most common investor question was ‘has a new bull market started ?’” Goldman analysts, led by David Kostin, wrote.
“Strategically, we continue to expect the S&P 500 SPX, +3.35% will rise to 3,000 by year’s end,” they added. “Tactically, however, we believe it is likely that the market will turn lower in the coming weeks, and caution investors against chasing this rally.”
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.