Is everything feeling “just peachy” to you?

MarketWatch: Opinion: Wall Street wants you to believe everything is peachy

“What happened to prudence for investors in the stock market?”

“The most important point is that the stock market is now back to about the same level where it was in October 2019. Since then, the coronavirus has caused many deaths, many jobs lost, a lot of trauma and massive economic dislocation. A conclusion that can be drawn is that the stock market believes that none of that matters, otherwise it would not have reached back to the pre-liquidity injection level.”

“It is career suicide for a Wall Street analyst to stay bearish if the market continues to go up. On the other hand, if the market goes down and the stock market analysts are bullish, it is not their fault — they just couldn’t foresee the coronavirus’ effects.”

Tagged : /