It shows the 7-day trend line of new infections has flattened following this month's rise in cases. But Harvey warns it could still "break either way.". His hope is the first debate between President Donald Trump and Joe Biden on Tuesday moves the needle.
"If the debate tightens the race, one of the things that we worry about is the probability of a contested election," said Harvey. "In a contested election, we can see 10% downside to the equity market." He may be near-term bearish, but Harvey isn't letting it affect his optimistic 2021 forecast. He's longer-term bullish on stocks regardless of who wins the election.
"We're longer-term positive because we do think there's a Covid solution that hits the marketplace," he added. "The first half [earnings] comps are very easy, and we do think the economy slowly grinds higher.", that would be winners in a pandemic-free world. "Surprisingly we want to add Covid beta to the portfolio. When we talk about Covid beta that means stocks that do well as Covid becomes more manageable as we get solutions in the marketplace," he said. "What you need to see is just a gradual improvement, and because the situation has been so dire for so long, we could see a tremendous amount of upside."year-end target of 3,388, which reflects about a 6% drop from the index's all-time high hit on Sept. 2.
TradingNation The global economic recession deepens...!! Read the book The Vision by David Wilkerson, servant of Christ...!!
TradingNation This schmuck from WellsFargo. Take a hike thanks for the sage advise. Lmfao.
TradingNation “Analysts” have been saying this for a decade. Start investing keep investing stay invested and ignore noise like this article.
TradingNation BHahhahahah ....
TradingNation They actually added 5% from short term bonds to equities this week in their discretionary portfolios
TradingNation Too risky to buy $WFC shares too😁
TradingNation Given the recent comments on ‘“black talent” by the CEO of WellsFargo CharlesScharf, perhaps we should avoid his company’s stock, WFC, until they adopt a more enlightened approach
TradingNation Then he can stay broke but I’m going for a mil this week
TradingNation Not as risky as putting money in your bank.
TradingNation Banks are bearish ? Finally something bullish .
TradingNation Banks want a crash
TradingNation Boy, I’m not bearish like this.
TradingNation
TradingNation Because...it’s a casino.
TradingNation You guys are so negative. Wonder why? Dow 29k
TradingNation Stocks only go up.