In a shocking turn of events, Merrill Lynch is wildly bullish on stocks in 2013:
“We are actually pretty unapologetically bullish for 2013 for the overall U.S. equity market,” said Savita Subramanian, head of U.S. equity and quantitative strategy for the investment bank.
The S&P 500 is trading around 1,430, but could rally nearly 12 per cent by the end of next year to reach the 1,600 level, according to Ms. Subramanian. That advance, should it occur, would eclipse the S&P’s record high of 1,565, which it touched briefly in 2007, before the financial crisis caused prices to swoon.
That’s weird. I fully expected them to tell their clients to close their brokerage accounts, open an account at a low fee broker and get a portfolio review from an independent, unbiased advisor who won’t charge you custodian fees, annual fees or recurring fees.