BoA says that "The equal weighted S&P could rip" – could do double the S&P 500 gain
<p>BofA Securities head of US equity and quantitative strategy in a Bloomberg TV interview overnight:</p><ul><li>probably a lot of this good news has been priced … maybe even overpriced into the Mega-cap tech cohort.
Everybody owns these companies, so there's not a lot of buying pressure.
</li><li>
But there is a broader array of companies that actually look pretty
healthy. And if we don't go into … hotly forecast recession …I think that the market can rip from here.
The equal weighted S&P could rip. It could rip.
</li><li> we're
forecasting through year end is 4600 for the S&P.
I think the equal weighted S&P could do double those gains.</li></ul><p>Bolding above is mine.</p><p>—</p><p>The S&P 500® Equal Weight Index (EWI) is the equal-weight version of the widely-used S&P 500. The index includes the same constituents as the capitalization weighted S&P 500, but each company in the S&P 500 EWI is allocated a fixed weight – or 0.2% of the index total at each quarterly rebalance.</p><p>Mission ongoing … </p>
This article was written by Eamonn Sheridan at www.forexlive.com.
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