“This rally will go further and will probably drag people back into thinking that this bear market is over,” he added.
Stocks recovered after the October inflation report clocked in below expectations, sparking hopes the Fed will move from its hawkish stance up, allowing equities to breathe after.
But Wilson has argued that corporate earnings are still 20% too high and will fall next year, causing stocks to bottom in the first half of 2023.
Bank of America also said a US recession could wreak havoc on the stock market and send stocks 24% lower next year, and JPMorgan warned that the S&P 500 could soon retest a low of 3,577, a 12% decline from current levels.
