Stocks Look Overbought So The S&P 500 Is On Track To Hit 7,000: BAML

According to Bank of America’s Chief Investment Strategist Michael Hartnett, if the S&P 500 continues to rally as it has done for the first few weeks of the year, by the end of 2018, the index will have surpassed 6,000. Only a few weeks (and around 100 S&P points later) after Hartnett publish this staggering observation, BoA Investment Strategist James Barty re-ran the numbers and concluded that a target of 7,000 is now more appropriate. After taking into account this forecast, it’s no surprise that Barty’s report concludes that the market is now looking “a little stretched”, although the 7,000 is a…