'The trend is your friend. We're very bullish on the market right now,' says Merrill Lynch's Andy Sieg.
The S&P 500 opened higher Thursday, just short of another all-time intraday high, after falling just 1 point on Wednesday from Tuesday's all-time high close. The index's more than 27% gain so this year is best since 2013.
"Our upside scenario from our research department today has the S&P 500 at 3,500 and change ... mid-next year," said Sieg. The S&P 500 at 3,500 would be 9.6% higher than Wednesday's 3,192.52 close. "Where we see things lining up right now, we're actually more bullish then that," Sieg explained in ainterview. "There's an upside scenario that could see the market up 20% from these levels.""One of the things we have insight to through our 15,000 financial advisors is just what's the sentiment among Main Street investors," he said. "Investors are largely wary of markets.
Often times when individual investors, whose feelings tend to lag the market, are worried about stocks, professionals see that as a buying opportunity. "We're probably more mid-cycle in terms of this bull market and expansion" in the economy, argued Sieg. He's also part of the executive management team at
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