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March 5, 2007

Fading the Strategists?

Bloomberg has some puckish fun pointing out that last week's market drop did diddly to the sunny optimism of Wall Street strategists:

A group of 15 strategists surveyed [post-tumble] by Bloomberg all expect U.S. stocks to advance this year, with an average year-end or 12- month prediction of 1549 for the S&P 500. The index ended last week at 1387.17.

Mind you, such sunny optimism has a crummy recent history:

The last time all the firms tracked agreed that U.S. stocks would post a full-year rally was for 2001. The S&P 500 dropped 13 percent that year.

[via Bloomberg]

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