Photo: Google Finance

You’ll have to go back to the summer of 2008 to see the last time stocks were this high.The feeling out there is that U.S. economic data is improving and the eurozone debt crisis is stabilizing somewhat.

That latter point is also reflect in the euro, which is surging against the dollar today.

However, not everyone is so optimisitic.  Nomura’s Bob Janjuah released a note this morning saying that stocks could climb for a few more days before tumbling by 20 to 25 per cent.

JP Morgan’s Tom Lee sees a similar trajectory.  However, his call is much more bullish.  Lee sees the S&P 500 rallying to around 1,475 sometime before the election, then settling at 1,430 by the end of the year.

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