Record high or Santa crash?After historic bull market, Wall Street looks ahead – The Heisenberg Report
It’s reasonable to ask whether asset prices are doomed to slump under the weight of last month’s bull market, and it’s reasonable to wonder if the road to “El Dorado” is paved with fool’s money. It’s on point. After all, S&P’s stock price is currently only 4% off its all-time high, an astonishing feat considering what has happened so far, and the odds of a recession (according to most) have increased. The geopolitical challenges of 2024 are (as Goldman recently put it) “busy.” Traders, including Bill Ackman and Bill Gross, are betting the Fed will cut interest rates.And the Fed will cut almost that much.