“In fact, our S&P 500 year-end target reflects a 4% total return from the current level, including dividends. Our mid-year 2021 target remains 4100”
[GOLDMANS “BEARISH CALL” IS HARDLY WORTH BOTHERING ABOUT—WHICH MEANS THE DROP IN PRICES WILL BE MUCH WORSE THAN THEY THINK—THERE ARE ONLY 3 OR 4 REAL CONTRARIANS LEFT ON THIS PLANET…AND I AM BOLD ENUFF TO BE ONE—CRASH CITY WITHIN THE NEXT 4 TO 6 WEEKS]
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Ugly, Tailing 2Y Auction Is Ill Omen As Bid-To-Cover; Indirect Bid Both Plunge
With the FOMC scheduled to take place on Wednesday, it means that we have an abbreviated Treasury auction schedule this week and with coupon sales all expected to fit before Wednesday, we have the 2Y and 5Y auctions today, the first of which just concluded in a surprisingly ugly sale of $60BN in 2-year paper.
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