The stocks market's sharp drop last Tuesday was consistent with the deterioration in the market internals but was contrary to the trader bullishness on Monday (Stocks Melt Up? Not So Fast). The lower weekly close has already cast its shadow on the first full week of the earning's season.
In a Barron's column from early September, Strategists Say Beware the Bear, they surveyed 10 Wall Street Strategists for their current market outlook and found that "Four strategists call themselves bullish, three are in the bear camp, and three are neutral." Their surveys are conducted twice a year and those interviewed were more bearish than in past years.
In late 2015 they were looking for a 10% gain in 2016 with an S&P 500 mean expected target of 2220. By September "Their mean expectation for the Standard & Poor’s 500 index is 2138 at year end" which is just below Friday's close.
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