Summary
There has been a massive sentiment shift to optimism since the end of April (from deep pessimism late last year). The pop in optimism also occurred early this year, but dissipated in March. The cavalry of bearish strategists, most of which hadn’t budged from pessimism about 2023 and 2024, are fumbling over each other and raising their S&P 500 (SPX) targets and their stock allocations. That’s what higher prices do — and when many cave at the same time, the market sometimes takes a break.
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