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BYRON WIEN: PREPARE FOR S&P 1,500

Byron Wien who predicted S&P 1400 at the beginning of the year is now saying the rally will continue 7% higher (via Yahoo Finance):

“I actually thought the S&P 500 could reach 1500 based on the generally achieved (but not last year) multiple of 15 times and operating earnings of $100,” wrote Blackstone’s Wien in a strategy note to clients Tuesday, which reviewed his classic “Ten Surprises” outlook for the year. “Estimates have been trimmed somewhat, but, at this point, I still think 1500 is likely.”

“Over the past three months the pessimistic mood has changed to optimism,” continues Wien, formerly the long-time chief investment strategist at Morgan Stanley. “Ordinarily, optimistic sentiment readings presage a market correction, but there are so many¬†investors looking for an opportunity¬†to increase their exposure that even a minor downdraft gets cut short by a flood of buyers. This could continue for a while.”

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