Monday marked six years since the S&P 500 bottomed during the recession.
One of the stock market’s most bullish forecasters says it will only grind higher because of the naysayers.
Laszlo Birinyi told Bloomberg’s Lu Wang that the S&P 500 could climb to 2,240 within the next three to six months. The rally will continue because the sentiment that ends bull markets — euphoria — has not set in among investors, he said.
Via a Bloomberg report on Monday:
“To Birinyi, doubts prolong equity gains. Investors calling for peaking prices based on market breadth, valuations or the Fed are missing the strength that stocks such as Whirlpool Corp. and Sherwin-Williams Co. are exhibiting, he said in the interview.”
Shares of both companies rose to record highs last Monday, Wang reported.
So, the doubters will continue to miss out on gains without admitting that they have been “wrong” about the stock market, he said.
As a reminder, here’s what the more than 200% rally in the S&P 500 looks like: