Wall Street bull blames market setback on 'people trading scared' (via TradingNation)
gave back their entire gains from the third quarter, Wells Fargo Securities' Christopher Harvey isn't toning down his upbeat forecast on stocks."People are trading scared. They are all worried about [the] fourth quarter," the firm's head of equity strategy told CNBC's "" on Tuesday. "They say, 'I can't have fourth quarter '18 happen to me once again.' And so people are saying, 'Let me shoot first, and ask questions later.
"We think that we've peaked on trade and tariff fears," said Harvey. "There's enough pressure on both sides where they need to make some progress. ... [President] Trump has to be thinking about his election." Not only does Harvey list trade emerging as a positive catalyst for stocks, he sees an easy Federal Reserve as a bullish driver. Last year at this time, the Fed was hiking interest rates.Harvey's S&P 500 year-end price target is 3,088, a 5% gain from Tuesday's close, and it's 2% away from the index's all-time high hit on July 26.
"Credit spreads have been very tight. Issuance has been very strong," Harvey said. "The [jobless] claims numbers [are] still very well behaved. These are things you don't see before a recession."
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