While there is nothing new in the now traditional Wall Street "penguin parade" where sellside strategists provide absolutely zero value and instead chase markets both up and down with a mandatory 6-9 month delay which is completely useless to most investors and by the time a given trade has become consensus on Wall Street it is time to fade it, every now and then we see some amusing variations on this worn-out theme.
We got just that this weekend, when in addition to materially raising its S&P year-end price target base case, Goldman also provided a scenario "forecast" that is about 700 points even higher than its revised year-end price target of 5,600 based on assumptions that would make even Jim Cramer blush: that's right: Goldman now sees a chance that the S&P will close at 6,300 based on "continued mega-cap exceptionalism."
First things first: yes, there is zero breadth to the market...
