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 the current market feels like the “roaring 2020s.”
In a previous interview earlier this month, Yardeni raised his year-end target for the S&P 500 to 8,250. When asked on Monday whether he was considering raising that target again, the veteran strategist sounded an optimistic tune.
“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 call not a FOMO market but a FEMO market, meaning ‘Fabulous Earnings Momentum.’ Earnings have been unbelievably strong.”
Yardeni says he’d rather have an earnings-driven melt-up than a valuation-driven melt-up. He also outlines the resilience of the market despite geopolitical headwinds.
“That’s been one of our theses, is that you just don’t want to ignore and underestimate the resilience of the US economy and the US consumer, and I think a lot of that is because of me and people like me, which is a lot of Baby Boomers. I’m still working for a living, but the Baby Boomers are retiring with $89 trillion in net worth. We’re talking about awesome numbers.”
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