JP Morgan lifted its year end S&P 500 target to 8,000 this morning, and at least seven other firms are already there. The index closed Friday at 7,757, so the entire remaining upside to Wall Street's number is about 3 percent.
The VIX is pricing a bigger move than that over the next 30 days, which puts the whole target inside one month of ordinary noise. This episode checks what the options market actually assigns to 8,000, by August 31 and by December. Education, not a recommendation.
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Chapters
00:00 The target that fits inside the noise
00:52 A quiet tape and a tiny implied move
01:33 What the August cycle actually prices
02:42 Year end probabilities for 8,000
03:11 SPX skew is completely flat
05:15 The verdict on 8,000
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