One Bull, One Bear

Two weeks ago, BofA's Savita Subramanian lifted the bank's year-end target for the S&P to 4,600. The comedians among you would probably call that bad timing. US equities fell 1% that day, 1.6% the next day, 0.2% the day after that and then, for bad measure, 1.5% two sessions later. The market gods can be cruel that way. And unlike other deities, they aren't easily swayed. You can't appease them with sacrifices or mollify them with superstition. Nobody ever pacified an angry SPX by sacrif