Alan Brochstein, CFA submits: In October, I first shared my very bullish views for 2011, projecting the S&P 500 would attain 1500 by the end of the year, up from 1146 at the time. While the call got off to a fantastic start and was even ahead of trend substantially at the end of April, the recent pullback in the market with the subsequent rally leaves my forecast appearing to be roughly on track:
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While I didn't raise my forecast when we got ahead of the trend earlier this year, I am tempted to do so now, despite being slightly behind trend now. Why?
When I formulated my outlook for the coming year last October, I made a simple prediction: Earnings would rise moderately, while PE multiples would expand. The synopsis I included in the article and then supported was as follows:
My call is a valuation call, but it is
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