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Wall Street is getting very bullish as stocks hit records. Here’s why that’s worrisome

November 15, 2019


As the S&P 500 has broken out of its trading range into record highs, euphoria has been growing — fast.

Technicians like Stephen Suttmeier at Bank of America Merrill Lynch have been positively giddy recently, noting a bullish rotation into cyclicals, but also to value from growth, high beta from low volatility, cyclicals from defensives and small caps from large caps.

It’s not just technicians. Strategists and retail investors are gaga with enthusiasm:

1) Barclays says small caps are at an inflection point and poised to outperform: “Headwinds have subsided,” they declare.

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