Here's A Wall Street Strategist's Awesome Presentation On Everything In The Markets Right Now

We’re back at all-time highs.

Despite a jobs report on Friday that disappointed, the S&P 500 closed at a fresh all-time high of 2,007.

In his investment strategy update for September, John Stoltzfus, chief market strategist at Oppenheimer, sees a chance for stocks to run higher still.

“In the near term we expect that investors could just as easily bid stocks somewhat higher as they seek a catalyst for some profit taking. So long as tensions in the Middle East, Ukraine, and elsewhere around the globe remain on the front burner, a certain unquantifiable degree of uncertainty is likely to remain an overhang to market performance,” Stoltzfus writes.

Overall, Stoltzfus still reiterates his call for the S&P 500 to finish the year at 2,014, with volatility likely persisting, “as both the bond and stock markets practice price discovery in anticipation of adjustments that could lie ahead in Fed policy and interest rates as the world turns and the economic expansion moves forward.”

Thanks to Oppenheimer & Co. for giving us permission to run the presentation.

The U.S. economy is still operating below potential.

Without wage growth, inflation will most likely remain low.

Rates ran too far, too fast at the end of 2013.

Interest rate cuts, not increases, precipitated the 2008 bear market.

High-yield corporate and municipal bonds have outperformed over the past year.

Healthcare has been the best-performing S&P 500 sector this year.

Cyclical sectors have outperformed defensive sectors since the February lows.

Utility stocks have returned to peak valuations.

Earnings growth could temper multiple expansion.

Investor sentiment has gotten really bullish.

The equity risk premium was unchanged in August.

European stocks gained about 15% in the 12 months ending in August.

U.S. stocks outperformed international stocks, big time, in August.

Only 'frontier markets' have meaningfully outperformed U.S. stocks this year.

Consumer confidence should be boosted by an improving labour market.

Consumer confidence measures have been trending higher.

Manufacturing has stabilised from the downward trend that began before the financial crisis.

U.S. car sales have been on a tear.

The VIX remains really low.

Commodity prices have fallen after trending higher earlier this year.

Falling crude oil prices have helped keep gas prices down and consumer confidence up.

Lower WTI crude prices reflect U.S. energy independence.

The value of U.S. energy exports is booming.

The U.S. dollar had huge summer against the euro.

Gold and emerging markets have been winners in 2014 after lagging in 2013.

In the S&P 500, utility stocks have gone from laggards in 2013 to leaders in 2014.

Gold and bonds usually move the opposite direction as stocks.

Here's an overview of Oppenheimer's outlook.

Now that you've seen one strategists' view on the markets, see what everybody thinks.

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