At 5,215, the S&P 500 is already 7.3% above the average 2024 year-end price target from Wall Street strategists (4,861). $SPX
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This is also the second-lowest level since March 2022. In other words, the appetite for hedging against a stock market decline is at its lowest in years. This is despite October being the worst month for stocks on average during Presidential Election years. Meanwhile. the SP500 has hit 45 all-time highs this year and is up 23% YTD. The resilience of this market is truly remarkable. Source: The Kobeissi Letter
Time in the market can work magic! This is an example showing the median growth of 100k given length of time in the market. Source: Peter Mallouk, Charlie Bilello
The S&P 500 is about to hit $50 TRILLION in market cap for the first time in history. It's now up +22% this year and over +40% since the October 2023 low. Despite many headwinds (Middle east tensions, US elections uncertainties, etc.), even a pullback of 5% is barely able to hold... How far can this bull market go without any correction??? Source: The Kobeissi Letter