Will Thomas Lee Be Right About the Year End Rally???
Industrial output in China rose 5.4% in November from a year earlier, a decrease from 5.9% year-over-year in October. November's figure missed economists' median forecast for 5.9% growth. Also, retail sales in China rose 8.1% in November from a year earlier,slowing from an 8.6% gain in October and missing economists' median forecast for 8.8% growth.
In Europe, the IHS Markit’s purchasing manager’s index, showed the German and French private sectors slowing sharply in November.
I'm Calling The Top In The DAX
Thomas Lee is a Managing Partner and the Head of Research at Fundstrat Global Advisors. He is an accomplished Wall Street strategist with over 25 years of experience in equity research, and has been top ranked by Institutional Investor every year since 1998. But Thomas is probably most famous for holding on to his bitcoin $25k prediction by the end of 2018. But the kicker is he was still saying $25k as late as October.
Now he has a new prediction. He thinks the equity markets can rally 10% by the end of the year.
I personally like Thomas, but he thinks the S&P 500 can rally 200+ points. When I look at the charts, I'm not see it. On the daily chart, the momentum is still down and although the 2600 level held on Friday, price action is itching to test the February lows.
The Russell 2000 represents small companies/businesses and is the first to move up at a bottom, but also the first to move down at a top. Well the Russell 2000 not only tested the February lows, but also breached it already.
I suppose anything is possible, Trump could announce on Monday that the trade war is over. The Feds could announce next week that they pausing rate hikes indefinitely.
BUT IT WON'T HAPPEN
So if you had a $1 to bet, are you betting with Thomas or against Thomas, the Inquirer wants to know?
Will We See A Santa Claus Rally This Year Rally
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
Sad to say he is wrong in my opinion; as wrong as he has been on bitcoin as well. He takes too much of the fundamentals into account and doesn’t factor in for market conditions and sentiment.
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He mentioned is a contrarian, but gosh, these bad calls will certainly hurt his rep.
Why would a professional Wall Street guy come onto the mainstream news to tell people to BUY?
To spark up buzz for him/herself, already in a position and wants people to push price in their favor and good for TV.
To the question in your title, my Magic 8-Ball says:
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