JPMorgan Presents: 12 Bullish Charts

rodeo bull

Investors have been pretty bearish lately.  The S&P 500 is over 15% below its April 29 high of 1363.

Many top Wall Street strategists have been scaling back their year-end stock market targets.

But, not JP Morgan’s Thomas Lee. He has a year-end price target of 1,475 for the S&P 500.

In his latest note to clients, he provides 23 charts that give reasons to be bullish on the stock markets.

Here are just 12 of them.

The last time risk perception was this unfavorable, we saw a huge 12-month stock market rally.

High short interest could fuel a huge short-squeeze rally.

Bearishness is a great contrarian indicator and it's back to March 2009 levels.

We're seeing more upside economic surprises.

Leading economic indicators have recently shown strength.

Energy costs are getting cheaper.

Consumers are more comfortable using their credit cards.

Corporations have tons of cash.

Corporations can borrow cheaply.

It's cheaper to buy than rent a house, which is bullish for the housing market.

The relative value of stocks over bonds is at a 22-year high.

And even after taxes, dividend yields are higher than Treasury rates.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.