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That s the most recent advice from Morgan Stanley s Chief US Equity Strategist Mike Wilson. Wilson is keeping his price target for the S&P 500 at 3,900 about 1% below the index s closing price on Monday even though he expects the pace of the economy s recovery to remain strong. Ellen Zentner, his firm s chief US economist, recently raised her forecast for 2021 US GDP to 7.6% from 6.6% because of the large fiscal stimulus that s expected in the form of checks to Americans. So what gives, and why isn t Wilson following suit with a price-target hike? The S&P 500 index has already priced in much of the expected economic gains for the months ahead, he says. ....
Drew Angerer/Getty Images John Hussman is calling for a 65-70% drop in the S&P 500. He says he sees fresh deterioration in a key market indicator. His comments come as stocks sit at record highs amid euphoric investor sentiment. Investors are by now conscious of the heightened risk of a stock-market pullback in the near future, given the euphoric speculation that has continued to drive valuations upwards. Eighty-nine percent of financial professionals surveyed by Deutsche Bank earlier this month said that they saw bubbles in financial markets, and Bank of America and Charles Schwab both recently warned that investor sentiment is approaching extremes, making stocks vulnerable to a sell-off. ....