Wall Street Veteran Called the Rally a "Bear Market Trap" and Said Stocks Would Hit the "Puke Point." That Was the Exact Bottom. The S&P 500 Rallied 84%.

Gary Shilling has been forecasting doom for so long that he's become a meme on Wall Street. His timing here was truly exceptional—in the worst way possible. The S&P 500 had actually bottomed just days before his tweet, hitting its 2022 low of 3,577 on October 12th. By the time he was warning investors not to be "fooled" by the rally, the bull market had already begun. Since his "puke point" call, the S&P 500 has ripped 84% higher to over 6,500. Shilling doubled down throughout 2023, predicting recession, a housing collapse, and a bear market continuation. The economy grew. Housing stayed elevated. Stocks kept rallying. To his credit, he's been consistent—consistently wrong for the better part of three years. At 87 years old, Shilling has seen more market cycles than most of us have had hot dinners. Unfortunately, he seems to have mistaken every single one of them for 1929.