Two days ago, JPMorgan - which just two weeks ago predicted that "an orderly Trump victory was the most favorable outcome for equities (upside to ~3,900)" - engaged in some pretty blatant revisionism and not only flip-flopped on its view of how Congressional gridlock would impact markets, which it now sees as the optimal outcome for stocks, but in a note saying that the "Vaccine Rotation, Subsiding Risks" are nothing short of " Market Nirvana", boosted its September market price targets, and now sees the S&P reaching 3,600 before year-end, 4,000 by early next year, and "a good potential for the market to move even higher (~4,500) by the end of next year." Well, since there is never just one revisionist Wall Street strategist, this morning Goldman Sachs copied JPM's revised forecast almost verbatim, and in a note from David Kostin which sees 2021 as a redux of the "roaring '20s" - which as everyone knows ended with the Gr
"La verità passa per tre gradini: prima viene ridicolizzata, poi viene contrastata, infine viene accettata come ovvia" (A. Schopenhauer)