Fundstrat Global Advisors is one of the more bullish outfits around, and the investment firm is now even more optimistic about the stock market.
The firm raised its year-end price target for the S&P 500 SPX, +0.74% to 4,800 from 4,700, which would be a 6% gain from Tuesday’s close of 4,519.63.
The year-end seasonal pattern is strong after October, they noted. Bitcoin BTCUSD, -0.31% rallying to new highs is a signal of a strong risk-on environment. The strategists also argue COVID-19 is tracking better than consensus fears, and economic resilience remains strong. The improvement in market technicals, such as the clearing of the 50-day moving average, “is actually suggesting that underlying trends are getting stronger.”
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