To think it was just two weeks ago, on December 13, when the S&P was being supported by the “Independence Day” barrier of 1776. It was also on that day that Goldman’s strategist David Kostin updated his most recent forward S&P500 price targets for both 6 months ahead (i.e. June), and December 31, 2014. The numbers were 1850 and 1900 respectively.
What is just a little bit concerning, is that the S&P, following yet another 10+ point move today on what can only be characterized as “hilarious” volume, will hit Goldman’s S&P500 June price target some time tomorrow (or maybe today if the NY Fed trading desk sends the VIX to a 10, or single-digit, handle).
What is even a little bit more concerning is that applying the Birinyi rule of forecasting, the S&P will hit Goldman’s full year 2014 price target by Wednesday, or the latest Friday of the first week of 2014.
One just has to sit back and laugh at what the central planners have done.
     |
via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/D9xw27g9UtI/story01.htm Tyler Durden