The GameStop news is out. If you didn't know GME before, now you do. The stock price has gone parabolic with a short squeeze and no fundamentals.
Well, that's the story widely being circulated, but there's more to it in our opinion.
Wall Street strategists expecting strong market ahead in 2021
This is one of my favorite posts to write every year as we get to look back on Wall Street predictions and see how they panned out. We have done this in 2014, 2015, 2016, 2017, 2018, 2019, and 2020 so it is a tradition to see which strategists did well and which missed the mark.
Last year, the strategists predicted a slight up year market for 2020 with an average target of +1.6%, 3283, for the S&P 500. Of course, no one predicted a global pandemic, and I doubt they would have forecast this number if they knew what was ahead. Despite the lockdown induced recession, the epic stimulus from the Fed and policy makers helped drive stock market indices to all time highs and the S&P finished at 3756, up over 16%.
Last year's biggest bull was CSFB's Jonathan Golub at 3425 and that wasn't very close. Second place was a three way tie with a prediction of 3400. Now let's take a look at their thoughts on 2021…
