S&P to 5600...Would It Even Matter?

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Our View

Even if UBS and Tom Lee are correct about the S&P going to 5600, that is only 5% higher. The PitBull still says the ES and NQ are floating on air and continues to point out how risky the markets are.

As I’ve said, I don't like fading him because he sees what's going on in individual stocks — I don't — but what I see is the same pattern that's existed since the last quarter of 2023: pullback, get everyone short thinking the markets are going down, make a low and then back-and-fill until the futures pop to new highs. 

According to BofA, the last time FOMC and CPI fell on the same day was June 2020, but that was when there was zero borrowing costs…not exactly the same picture as we have today.