Goldman Sachs' Scott Rubner is now on correction watch because everyone, including himself, is too bullish on stocks, he said.
"This is the last bullish U.S. Equity email that I will be sending out for now, as the last standing bears have capitulated and everyone is in the pool," Rubner wrote on Monday.
Kolanovic came to prominence after forecasting a recovery during the coronavirus pandemic but had maintained a bleak outlook on equities over the past two years even as the S & P 500 surged to new highs.
Rubner anticipates the S & P 500 could top out around mid-July.
"Since 1928, July 17th has marked the local top for the month heading into a materially lower August," Rubner wrote.
Persons:
Goldman Sachs, Scott Rubner, Rubner, Marko Kolanovic, Kolanovic
Organizations:
U.S, Equity, JPMorgan