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15.11 - 17:55
Market’s biggest bull sees year-end rally, but warns it's setting up Wall Street for a scare next year
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cnbc.comChris Harvey's reign as the year's biggest bull won't extend into next year.
The Wells Fargo Securities head of equity strategy, whose 2021 S&P 500 target is 4,825, predicts Wall Street will stage a vibrant year-end rally and then see a losing 2022.
«You're going to bring equities to a level that they can't sustain. We'll have the equity market melt-up,» he told CNBC's "Trading Nation" on Friday. «We'll bring stocks to a level where the fundamentals and valuations don't support them.»
The S&P 500, Nasdaq and Dow ended the week in record territory. The S&P and Nasdaq were up 7% in October while the Dow gained 6%.
«What we're seeing from a lot of individuals and investors is they feel like the market is unbreakable at this point in time.
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