With less than 6 weeks left to the end of the year, the S&P 500 has reached its “richest” nominal price relative to the average Wall Street strategist’s forecast. The last time the ‘market’ over-reached like this was in mid-May, right before the exuberance of a non-taper-believing investor-class was popped (oh so briefly).
JPMorgan’s Tom Lee (at 1825) has the highest forecast and Wells Frago’s Gina Martin Adamas (at 1,440) the lowest.
This year has seen the market rich and remain rich to strategist forecasts by the most in the last 10 years…
Source: Bloomberg
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via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/EtwsqX4JMyM/story01.htm Tyler Durden