YRI’s Earnings Tweaks & Dudley’s About-Face

We’re updating our S&P 500 price targets for this year and the rest of the decade. Near term, we see the index continuing to churn below its July 16 record high through election time; it seems to have support around 5450, its 50-day moving average, which we don’t think will be breached given companies’ earnings strength. A strong rally at year-end might sweep the index to a new record high around our (newly raised) 5800 target. Dr. Ed shows the math that yields this and our subsequent years’ price targets. … Also: Eric counters NY Fed President Dudley’s recent op-ed argument for easing sooner than September.