Take it as you will, but imo it probably at least warrants some caution. Per BBG:
At the big banks and the boutique investment shops, an optimistic consensus has taken hold: the US stock market will rally in 2026 for a fourth straight year, marking the longest winning streak in nearly two decades.
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But after three years when the equity market’s rip-roaring run made a mockery of any bearish calls, sell-side strategists are marching in lockstep optimism, with the average year-end S&P 500 forecast implying another 9% gain next year.
Not a single one of the 21 prognosticators surveyed by Bloomberg News is predicting a decline.< - >
“The pessimists have just been wrong for so long that people are kind of tired of that schtick,” said veteran market strategist and longtime bull Ed Yardeni. He expects the S&P to finish next year at 7,700 — up 11% from Friday’s close — yet even he finds the lack of dissent a little concerning.
“That’s where my counter instincts come out: Things have been going my way for so long that it is kind of worrying that everyone else seems to have become optimistic,” he said. “Pessimism is on the out right now.”
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Full article @
https://archive.ph/7it02
Comments
The bears had been beaten down and have now totally disappeared.
but it may not last the entire q1 2026.
https://www.mutualfundobserver.com/discuss/discussion/65194/jan-effect-2026#latest
i suspect today's broad dumping of precious metals is a play to capture 2026 equity gains.