EXCLUSIVE: The Cow Guy Warns Of Market 'Reckoning' In 2024 — 'We're Getting Closer And Closer'
Portfolio Pulse from Neil Dennis
Scott Shellady, known as The Cow Guy, warned of a potential market 'reckoning' in 2024 on Benzinga’s PreMarket Prep. He believes the consumer is the weak link in the economy, and the labor market is not as strong as jobs data suggest. Despite recent equity market highs, with the S&P 500 and SPDR S&P 500 ETF Trust (SPY) reaching record levels, Shellady is skeptical about the sustainability of growth. He points out that consumers are increasingly indebted and predicts that the expected rate cuts by the Federal Reserve will not materialize as hoped, with possibly just one cut instead of several.
January 22, 2024 | 9:08 pm
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The SPDR S&P 500 ETF Trust (SPY) reached a new record high, but Scott Shellady's warning of a market 'reckoning' and skepticism about the strength of the consumer and labor market could lead to increased volatility and potential short-term declines.
Shellady's comments suggest that the recent highs in the equity market, including SPY, may not be sustainable due to underlying economic weaknesses. His view that the market is overestimating the likelihood of rate cuts could lead to a reassessment of risk and a potential pullback in the short term.
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