More proof that predicting short-term stock market moves is almost impossibly hard 🧸

The smartest people on Wall Street are already making revisions 📝

A little over a year ago, I wrote: “Proof that predicting short-term stock market moves is almost impossibly hard.”

At the time, Goldman Sachs was the first of the prominent Wall Street firms to revise higher their 2024 target for the S&P 500. And in the weeks and months that followed, almost every major strategist revised their targets — some multiple times. The stock market, once again, had Wall Street on its heels.

Today, we’re being reminded this phenomenon cuts both ways. We’re just a bit over two months into the year, and strategists are already revising lower their targets.