“We’ve been seeing a recurring theme in some of the recent market commentaries emanating from Wall Street.
It’s the second week of the new year, and there hasn’t been a whole lot of activity in the markets – which means everyone is still discussing 2013 outlooks, predictions, surprises, and so forth.
A comment from a recent client note authored by JPMorgan strategist Tom Lee – known as one of the more bullish voices on the Street – caught our interest.
Lee wrote:
Our baseline for 2013 remains that of a tricky 1H, with strength to start (and as we mentioned in earlier notes, we see a move toward 1500) but followed by a correction that sees 1350 before midyear. This is a contrarian view on timing—we are seeing a growing chorus of investors who see stocks strong throughout 2013. In fact, even notable bears have turned “bullish” on equities in 2013. We do not view this as a sign of “ringing the top”; rather, it is a reminder that investors need to be mindful of consensus and risks to the consensus view.
Today, another well-known Wall Street bull – BMO Capital strategist Brian Belski – wrote something very similar…”
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