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U.S. Stocks Are Set For ‘Exuberance’ After a Rough Week, Evercore Says

TedTed
in Fund Discussions
FYI: The big stock rally of 2019 might still be on, according to Evercore ISI.

Fears of an all-out U.S.-Chinese trade war rocked equities last week after President Donald Trump set the stage with tweeted complaints about China, followed by talks that didn’t produce a deal but avoided a complete breakdown.

While the S&P 500 fell the most in a week since December and the Shanghai Composite dropped 4.5%, U.S. shares also showed resilience.

“Bullish intraday reversals atop key support strongly suggest that the week-long 2% pullback is over and the historic first half surge in stocks is poised to resume,” Evercore technical strategist Rich Ross wrote in a note May 10 entitled, “Rational Exuberance.” The S&P 500’s next target is 3,000, he said. That would be a 4.1% gain from Friday’s close of 2,881.40.
Regards,
Ted
https://www.bloomberg.com/news/articles/2019-05-12/u-s-stocks-set-for-exuberance-after-rough-week-evercore-says?srnd=premium

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