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On Monday, the Fast pros reacted to recent buzz about the various year-end targets on the S&P 500, including a revised target from Goldman Sachs released last month . They also talked about how the markets digested Monday’s dismal ISM manufacturing report, which showed contraction for the first time in two years.
Those fears, coupled with hopes for further stimulus from the Federal Reserve, sent the markets narrowly mixed into the close.
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Dan Nathan, the editor and co-founder of RiskReversal.com, believes the S&P trades lower. “It most certainly [will go] down,” he said. Nathan thinks the next move in the S&P will be generated by U.S. economic data and earnings, which he expects to come in weaker than expected. “This is very much a U.S. story,” he said. “We got some of the European issues — at least in the meantime — out of the way, and now we’re focused on a lot of data in the U.S. — and all of it looks pretty bad.”
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