Piper Jaffray Threw in the Towel on Monday

August 24, 2015
One of Wall St's biggest bulls throws in the towel

Piper finally slashed its uber-optimistic market call for 2015, cutting its S&P 500 price target from what now seems an unreachable 2,350 all the way down to 2,135.

The S&P 500 was apparently trading somewhere around 1,900 when they threw in the towel. The price target is now 2,135. They therefore expected the index to rise roughly 12% by year end, or at roughly a 40% annualized pace.

Oh, my! Only a 40% pace? Full capitulation! Uber-pessimistic! They've become permabears! Buy now or forever be priced out! They're just not making any more towels!!

Forehead. Desk. Whack. Whack. Whack.