Citi strategist warns of looming 10 per cent market drop

, the market’s record highs are prompting observers like Tobias Levkovich, Citigroup’s chief U.S. equity strategist, to warn of difficulties ahead.

, “Hitting new highs, leading to new highs means markets never correct, which doesn’t quite make sense.”Article content The June note adamantly stuck to his year-end target of 4,000 for the S&P 500, which was five per cent below the index’s level at that time. The index is currently hovering around 4,500.Four factors are in playLevkovich cites four factors that cause concerns: the Federal Reserve’s discussions on tapering, rising inflation, pressure on profit margins and corporate tax hikes.

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