All Indicators Say, “S&P 500 Will Hit 3,000 by Year’s End”
$DIA, $SPY, $QQQ, $RUTX, $VXX
Investment guru Byron Wien predicts that this Bull run, the longest in history, in the stock market is not over, and there is no recession in sight.
Mr. Wien recently said in a TV interview that he is “not backing away” from forecasting a level of 3,000 for the index. If the S&P 500 would hit 3,000, it would represent a 7.8% increase from Friday’s closing reading at 2,781.
“If we do not get to 3,000, we will get pretty close to it,” said Mr. Wien, a Blackstone Group (NYSE:BX) Vice Chairman.
Mr. Wien is looking past recent volatility to focus on robust earnings in the near future.
“We got undervalued in the correction in October,” said Mr. Wien. “Earnings next year are going to be good, too. They will not be up 20%, but they may be up 10%,” he said.
“In an environment where earnings are increasing 10%, the market is not overvalued as long as interest rates do not go up too much,” he concluded.
Meanwhile, President Trump’s chief economic adviser declared that last week’s blockbuster unemployment report is a sign of the robust economic growth awaiting America.
“I believe we’ve entered into the longest largest prosperity in a couple of decades. I know it’s early in the game,” Larry Kudlow, director of the White House’s National Economic Council said.
The S&P 500 has to climb higher to reach the 3,000 goal as stocks dropped Friday as energy, technology and internet companies moved lower.
Crude Oil is on track to fall for the 10th day running and is trading at its lowest price since March, leading to steep losses for Crude Oil companies in recent weeks. Crude Oil is in Bear market territory.
Stocks have fallen over the last 2 days but are on track for strong weekly gainers.
“A lot of investors look at Crude Oil prices as the general indicator of the global economy, so it being weak is not a good sign,” Scott Brown, chief economist at Raymond James in St. Petersburg, Florida, told Reuters.
Friday, the US major stock market indexes finished at: DJIA -201.92 at 25989.30, NAS Comp -123.98 at 7407.10, S&P 500 -25.82 at 2781.15
Volume: Trade on the NYSE came in at 943-M/shares exchanged
- NAS Comp +7.3% YTD
- DJIA +5.1% YTD
- S&P 500 +4.0% YTD
- Russell 2000 +0.9% YTD
HeffX-LTN’s US Major Stock Market Indexes Technical Analysis for the Week Ended 9 November 2018
Have a terrific weekend