Vocal stock market bull Ed Yardeni says even he hasn’t been bullish enough.
The president of Yardeni Research notes in a new CNBC interview that today’s market feels like the “roaring 2020s.”
In an earlier interview earlier this month, Yardeni raised his year-end target for the S&P 500 to 8,250. When asked Monday if he was considering raising that target again, the veteran strategist sounded optimistic.
“I’ve been among the bulls and I haven’t been bullish enough. I mean, it’s really extraordinary. We’ve been in what I don’t call a FOMO market, but a FEMO market, which means ‘Fantastic Earnings Momentum.’ The gains were incredibly strong.”
Yardeni says he would rather have an earnings-driven melt-up than a valuation-driven melt-up. He also outlines the market’s resilience despite geopolitical headwinds.
“That’s one of our propositions, which is that you just don’t want to ignore and underestimate the resilience of the American economy and the American consumer, and I think a lot of that is due to me and people like me, which is a lot of baby boomers. I still work for a living, but the baby boomers are retiring with a net worth of $89 trillion. We’re talking about great numbers.”
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