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 Stocks quietly sold off today. However, they continue to be near multi-year highs. First the scoreboard: Dow: 13,254, -52.3, -0.3%
S&P 500: 1,429, -8.8, -0.6%
NASDAQ: 3,104, -32.4, -1.0% And now the top stories: - With stocks near their highs and global economic uncertainty elevated, everyone wants to know where stocks are heading next. Deutsche Bank's David Bianco, one of Wall Street's more bullish strategists, thinks that the next move in stocks is down. In a new note to clients, he warned that his 1,475 year-end target for the S&P 500 may be at risk. These Charts About The Global Economy Will Give You Cold Sweats >
- Others on Wall Street seem to be reiterating their bullishness. JP Morgan's Jan Loeys thinks markets could rally for another three to six months. "More important to us as positive drivers of risk markets are coming policy stimulus measures, price momentum, and the continuing but more medium-term forces of asset reflation and high risk premia," wrote Loeys.
- Citi's Tobias Levkovich unveiled his 2013 target for the S&P 500: 1,675. Of course, Levkovich recognizes that the target "may seem overly optimistic" given all of the uncertainties that remain. However, he argues that valuations are attractive, credit is cheap, and the American "Raging Bull thesis" is intact. Twenty Big Trends That Will Dominate America's Future >
- Today's July consumer credit report, however, may be worrisome for the bulls. Consumer credit fell $3.27 billion in July versus expectations of a gain of $9.2 billion. There was a positive $5.4 billion upward revision to the previous month. So, the level of consumer credit is good, but the trend isn't that great.
- Over the weekend, China dumped a huge load of economic data. While the data largely came in line with expectations, it confirmed that the world's second largest economy was slowing. Year-over-year, industrial output slowed to 8.9 percent and retail sales climbed 13.2 percent. Fixed asset investment climbed 20.2 percent since the beginning of the year. China's inflation rate picked up for the first time in five months, which gives policymakers a little less room to ease monetary policy in their efforts to stimulate growth. Experts Told Us These Were The 5 Most Reliable Chinese Economic Indicators >
- Chinese imports unexpectedly fell in August, which has some concerned that the increasingly consumer-driven economy is showing more cracks. However, Bank of America economist Ting Lu noted that much of the decline was the result of lower commodity prices.
- Don't Miss: Oceanfront Villas In Greece Are Actually Much Cheaper Than We Realized >
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