But in fact, Kass was already backtracking in a column this morning:
It still remains my view that the S&P 500 has made its low for the year, but, from my perch, the developing downbeat economic conditions will trump the nonrecurring events at BP, Goldman Sachs and Apple, and, in the days ahead, stocks will erase some of the recent breathtaking gains.
Prior to the recent soft patch, most economists and strategists expected a self-sustaining economic recovery that might average at least 3% GDP growth. Now, many of those same economists and strategists are begrudgingly reducing their growth forecasts and taking the slippery slope by rationalizing their bullish S&P targets, and they are making a valuation case and/or identifying negative extremes in sentiment (whether it is in a growing bears/bull ratio, the absence of flows into domestic equity funds or in investor fervor/popularity associated with the fixed-income market) to do so.
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