I couldn't resist posting this, especially as we roll in to 2012, there will be the first trading day or week of 2012 will predict how the market ends the year. By the way, the first day of 2011 saw the S&P up 1.13% and the first week it was down .03%, maybe there's something to it. Thus far the S&P is (even with the relentless QE2/POMO market melt up) down 1.46% for the year, close to the first week's unchanged mark (really I don't believe in that metric). As I was saying, as we enter 2012, there will be a wave of analysts forecasting the market for the year (a stubborn fact of forecasting, just ask a weatherman, is the further out you try to forecast, the less accurate your forecast is).
So this chart shows what some of the major players in the market forecasted for the S&P at the end of 2011. Amazing, considering even a broken watch is right twice a day!
The Hungarian, Birinyi, was the closest at 1333. Hey, these guys invented the Rubik's Cube! Not so surprising, the Squid, Goldman (I've got a bridge to sell you) Sachs came in the worst, the two worst in fact. However, GS isn't dumb, when they say the S&P will be at 1500 and clients start buying, you better believe that GS was most probably doing a lot of selling. What kind of company feeds off its own clients? Or more appropriately, what Wall Street firm doesn't?
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