One of Wall Street’s most bearish strategists isn’t giving in to the bullish about-turn in equities, saying investors may be in for 'a rude awakening.'
One of Wall Street’s most bearish strategists isn’t giving in to the bullish about-turn in equities, saying investors may be in for “a rude awakening.”
He’s also concerned that stocks are “as stretched as they can get” in a narrow performance that’s been driven by excess liquidity from March’s banking deposit bailouts. According to Citigroup Inc. strategists led by Chris Montagu, the positioning in U.S. equity futures is the most bullish since 2010. For them, the key question now is whether this momentum can continue or if rounds of profit taking and hedging will slow the market in coming weeks.
Wilson admits that his team has been “so wrong” about the S&P 500 this year that they’ve been looking at whether their earnings model is misleading. Yet they’ve decided to stick to their forecasts. Morgan Stanley expects slowing inflation to have a direct negative impact on companies’ revenue growth that’s not reflected in consensus forecasts.
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