This under-the-radar market trend suggests new record highs through December (via TradingNation)
Even though stocks are trading around all-time highs, CFRA's Sam Stovall thinks Wall Street isn't bullish enough.
According to the firm's chief investment strategist, an under-the-radar historical trend suggests the S&P 500 will continue to reach record levels through December. He credits a phenomenon that's only happened 28 times since WWII."There's something special about this year. We had a positive move in the market in both January and February," Stovall said on Thursday. "February is the second worst month of the year — second only to September.
"Throw in a new all-time high in early November and you're essentially flat to higher 11 of 11 times," he added. Stovall came into 2019 with a 2,975 year-end S&P price target — about 5% below Friday's close of 3,120, a record high. He's now focused more on his 12 month rolling target of 3,200.Despite his upbeat forecast, he acknowledges some risks lie ahead.
"If you end up with a strong end of year run that could be borrowing a bit from what we would expect in 2020," Stovall said. "So, as I frequently say, I call myself a bull with a lower case 'b.'"
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