It is the 16th of October 2019

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UBS Reveals The Stunning Reason Behind The 2017 Stock Market Rally

It's 2018 forecast time for the big banks. With Goldman unveiling its seven Top Trades for 2018 earlier, overnight it was also UBS' turn to reveal its price targets for the S&P in the coming year, and not surprisingly, the largest Swiss bank was extremely bullish, so much so in fact that its base case is roughly where Goldman expects the S&P to be some time in the 2020s (at least until David Kostin revises his price forecast shortly).

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Q3 Earnings Season Begins This Week: Here Are The 3 Things Goldman Clients Are Focusing On

It's that time in the quarter again: 3Q earnings season begins this week with Wall Street consensus expecting S&P 500 EPS growth of just 5% (3% ex-Energy), a sharp drop from the last two quarters (Q1 was+14% and Q2 +11%). According to Goldman's Davis Kostin, "solid economic activity coupled with a weak USD will support sales growth of 7%, consistent with the past two quarters." The Goldman strategist also expects margins to slip slightly to 9.7% but remain near record highs, and that "investors will ignore the EPS slowdown given one-time hurricane effects and the focus on benefits from corporate tax reform."

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The One Question Goldman's Clients Are Asking This Week: "Where To From Here?"

Two weeks ago, Goldman's clients were so worried about an imminent crash, the investment bank's chief equity strategist, David Kostin enumerated no less than 7 reasons why, as Goldman itself admitted, "the question every client asks: Is an equity correction imminent?” As a reminder, the reasons - summarized - were the following:

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7 Reasons Why Goldman's Clients Are Very Worried About An Imminent Crash

Over the years, the clients of Goldman Sachs have periodically found themselves on the verge of panic.

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