The story of Wall Street: Ups and downs and fears ahead of the departure of a prominent strategist

The history of Wall Street is full of ups and downs, moments of euphoria and doubts that have shaped the course of financial markets. And in recent days, the departure of Marko Kolanovic from JPMorgan Chase & Co. has revived memories of a not so distant past, when the resignation of prominent strategists like Charles Clough in 1999 foreshadowed the collapse of the dot-com bubble. Kolanovic, who had been at JPMorgan for 19 years, has been a reference in the world of investments, but his failed projections and constant warnings of an imminent stock market crash have led him to explore other opportunities. This decision has sparked speculation on Wall Street, with some investors wondering if this episode is a sign that the market is reaching its peak. The story of Charles Clough is a reminder that going against the tide in a bull market can be a daunting task. In 1999, his bearish stance clashed with the unstoppable rise of dot-com companies, eventually leading him to resign. However, history would prove him right, as the internet bubble burst shortly after, causing the Nasdaq to lose more than half of its value. The fear that history may repeat itself is palpable on Wall Street. The removal of the "bears," those who predict market downturns, is often an indication that the euphoria is coming to an end. David Rosenberg, founder of Rosenberg Research, points out that Kolanovic's situation could be a clear signal of a market peak, adding to the previous resignation of Mike Wilson from Morgan Stanley, another skeptic who changed his stance in the face of the market's advance. However, not everyone shares this pessimism. Some argue that earnings justify market expansion, especially in the case of key technology companies expected to benefit from the development of artificial intelligence. Despite warning signs, such as Kolanovic's departure and downward revisions to S&P 500 price targets, many on Wall Street continue to bet on a bullish future. Uncertainty looms over the stock market, with analysts like Gail Dudack warning of a possible artificial intelligence bubble forming. While forecasts point to a possible 20% increase in the S&P 500, some are beginning to see risk signals in a market that seems to be ignoring warnings. The recent days have witnessed intense debate on Wall Street, with some experts like Scott Rubner of Goldman Sachs warning of an imminent correction. Caution is prevailing among investors, even among the most optimistic, who are starting to question if the rally has gone too far. Amidst the uncertainty, faith in stocks remains strong for many. Ed Yardeni of Yardeni Research recently raised his year-end target for the S&P 500 and reiterated his prediction of continuous growth in the next decade. Despite doubts and warning signs, investors continue to seek opportunities in a volatile market full of surprises.