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‘This is not an ordinary, average, typical or normal bull market’ Birinyi says
July 3, 2014, 4:10 PM ET
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Laszlo Birinyi, president of Birinyi Associates, Inc., said Thursday after the market close that he’s boosting his six-month price target for the S&P 500 index SPX +0.55% to 2,100.
The move comes as major U.S. indexes set fresh records on a strong jobs report.
Birinyi had raised his S&P target to 1,970 just a few weeks ago, after the index cleared 1,900.
“The stock market has traded above our target of 1,970 and done so with some authority. We now view the market as having the wherewithal to trade to 2,100 within the next six months,” Birinyi wrote in a note after the market closed.
“Investors should acknowledge that this is not an ordinary, average, typical or normal bull market and thus many approaches and metrics are not useful or applicable.”
–Tom Bemis
Follow The Tell @thetellblog
Follow Tom Bemis @TomBemis
S&P 500, stocks
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