Stock Market at Record Forcing Everyone to Become Believer
- NAAIM exposure index hit two-year high with even bears buying
- Strategists have been forced to raise S&P 500’s price targets
Photographer: Sascha Kilmer/Moment RF via Getty Images
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From professional investors to market handicappers, it’s becoming next to impossible to stay bearish in the face of the rally in equities.
Fund managers who went to cash when the pandemic broke out have been forced back in to stocks, pushing measures of positioning toward historical highs. Wall Street forecasters, some of whom threw up their hands in surrender four months ago, are pushing up targets each day. Even Goldman Sachs Group Inc., which once warned that bad loans and falling dividends could drive a second leg of the bear market, now sees another 6% of upside in the S&P 500.