To The Moon

Investors are growing increasingly pessimistic about the stock market. But one Wall Street veteran believes that's a reason to start buying.Larry Adam, chief investment officer at Raymond James' private client group, said in a note to clients published Friday that U.S. stocks as represented by the S&P 500 have fallen too far, too fast, clearing a path for the market to rally into the end of the year, and beyond."When the equity market soared above our year-end target of 4,400 in July, we became more cautious," he said. "Fast forward to today, and the recent declines now provide S&P 500 upside of 6% and 12% into our year-end and 12-month targets.". And although third-quarter gross domestic product came in at a whopping 4.9%, this data is backward-looking and unlikely to be replicated. Meanwhile, the latest PCE data showed that core inflation continued to decelerate during the third quarter.Even a deluge of newly issued Treasurys wouldn't be enough to offset the demand from investors s