• Profile picture of Seth Golden

    Seth Golden posted an update 4 years, 4 months ago

    1. We believe this correction could be a meaningful (10%) but necessary pause that refreshes. Our bullish view has not changed, nor has the narrative – a severe recession acknowledged by all, the bottoming rate of change in economic data/earnings revisions, seemingly unlimited central bank support, unprecedented fiscal stimulus that we believe is likely to become structural in nature and that leads to rising inflation expectations sooner than the consensus expects.

    2. We think the worst of revisions are now behind us as S&P 500 revisions breadth improved again this week and cyclical sectors are also seeing bottoming revisions breadth vs the market.

    3. We continue to think 2650 (200-week moving average) on the S&P 500 will be vigorously defended, with the 2-year bear market having ending in March while the 50-week moving average (currently 2992) provides resistance. In the end, we believe this correction will be a pause that refreshes and necessary for the higher prices we expect later this year.”

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