If there is one voice on Wall Street that we always listen to at 24/7 Wall St, it is Stifel’s Barry Bannister, and with good reason. We have watched and documented his market calls for years. Some of them are among the most incredible and courageous calls ever made by a sell-side research chief institutional equity strategist and his staff.
In a recent presentation, Bannister said flat-out that the massive rise in the S&P 500 and the comparison with past stock manias (dot-com bubble versus AI) indicate that, while there could still be a 10% upside move from current levels, the venerable index could also trade back to where it was at the start of 2024. That would be a massive 26% decline from the projected peak.
Bannister said this when discussing where we currently stand:
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