Thomas Lee, Fundstrat Global Advisors
...One of the reasons that we’re having such shallow pullbacks this year is everyone has already taken money off the table.”
...Lee has an official 2019 year-end target of 2925 for the S&P 500, but could easily see it heading even higher, to 3100.
Binky Chadha, Deutsche Bank
Binky Chadha, chief U.S. equity and global strategist at Deutsche Bank,
...“This is probably the most unloved bull market I can think of,” he says.
...a year-end target of 3250 for the S&P 500.Dubravko Lakos-Bujas, J.P. Morgan
...J.P. Morgan chief U.S. equity strategist Dubravko Lakos-Bujas
...maybe the word ‘cycle’ is no longer even relevant, given that we have so much unconventional central-bank involvement.”
...Central banks have put their balance sheets to work like never before, with large-scale asset purchases injecting liquidity into economies around the world. The European Central Bank has gone even further than the Fed, buying up both sovereign and corporate bonds. The Bank of Japan took it to yet another level, purchasing equities in addition to bonds.
...perhaps it’s just the beginning of a fourth mini-cycle, he says.
The first cycle he identifies ran from 2009 to 2012, when the European debt crisis forced the ECB to be creative in its measures to support debt-burdened euro-zone economies. The next phase lasted until 2016, when some emerging markets slipped into recession and U.S. corporate profits declined for two quarters. It ended when the Fed paused interest-rate increases and other central banks turned more accommodative. Another mini-cycle ended in the fourth quarter of 2018, when the Fed pivoted to a dovish stance and China began fiscal stimulus.
That brings us to the start of 2019, when a fourth cycle might have begun.
...He sees the S&P 500 going to 3000 this year,
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