Wall Street bull worries eroding confidence will push stocks lower (via CNBCFuturesNow)
off 4% from their all-time highs, Wells Fargo Securities' Christopher Harvey is worried fear over ultra-low U.S. rates and negative rates abroad could spark another deep sell-off.
"If you have a loss of confidence with the rate market, that's going to spill over into equities," the firm's head of equity strategy told CNBC's " " last Thursday. "We really think rates are leading equities at this point in time… We think the rate market is exceptionally important at this point in time."Harvey's year-end S&P 500 remains 3,088. It reflects a 6% gain from Friday's close. Harvey is sticking with the target despite his call for investors to keep their eyes wide open.
In a recent note, he wrote: "We hear the frustration/despair from rates players — and that's not good because fear and loss of confidence fester. Best trader quote we've heard: 'It's a 'pencils down' moment.'" Meanwhile, Harvey is still looking to put money to work. He's focused on picking up quality names at compelling prices — listing
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