Stocks have been given a gift since October, and right up to the end of the year, it will be a gift that will keep on giving, or so says Tom Lee of Fundstrat Global Advisors. The S&P500 has been above its 5 day moving average for 29 consecutive days for the first time ever, according to Bloomberg. While some fear a correction, Tom Lee says low oil prices and strong economic indicators. Jonathan Golub, chief U.S. strategist at RBC thinks that company earnings show too much strength for a correction.
Add to these positive, money managers need to beef up their holdings before the end of the year, and are likely to keep buying. Bloomberg notes that Golub and Lee’s predictions have been the most accurate of 21 analysts tracked by the website. The decline in October proved to create a kind of trampoline that propelled a V shaped bounce, but there are no signs that the bull market is running out of fuel until 2015.
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