I saw an article on CNBC that discussed the opinion of Citigroup strategist Tobias Levkovich. Here’s an excerpt of his thinking on a bull market:
Tobias Levkovich, Citigroup’s U.S. strategist, is expecting the market to enter a ‘raging bull’ market next year.
While he continues to stick with his 2013 year-end target on the S&P 500 of 1,615, that would take the index above the prior peak of 1,558 reached in 2007.
Is this valid? I have no idea. However, I am getting pretty sick of reading bearish forecasts, so I like the way Mr. Levkovich thinks!
In truth, things are never usually as bad or as good as people forecast. Given the pervasive gloom surrounding equity markets for the last several years, a bull market is not out of the question. The stock market often does whatever is required to make the most people wrong, and a bull market would certainly catch a lot of investors flat-footed.
