Citi strategist fears stock-market pullback may emerge in September despite no obvious catalyst

That pretty obvious insight is borne out in this chart showing how, with a three-quarter lag, corporate earnings have more or less tracked stock prices. That’s another way of saying, the stock market has done a pretty good job of discounting future earnings.

It can’t last forever, can it? Levkovich is sticking with his 4,000 year-end price target for the S&P 500 — which means he thinks the market may drop by 10%. And he has a specific month in mind when it might, if not fall apart, at least get ropey. “The paucity of immediate catalysts for a pullback is cited regularly, although we worry about higher taxes, cost pressures eating into profitability, tapering and more persistent inflation all coalescing in September ,” he said.

Activision Blizzard ATVI, +2.63% rallied 7% in after-hours trade as the video-games maker, beset by allegations of employee harassment, beat earnings estimates. Dating website operator Match MTCH, -0.43% missed earnings estimates, as it said key markets in India, South Korea, Brazil and Japan are further behind the COVID recovery curve.

If there always was an obvious catalyst, wouldn't everyone be a winner?

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