Oct 5, 2017
Some market veterans think stocks are at long last due for a meltup.
“We make the case that despite the Fed’s intent, we’re on the verge of being in a melt-up stage, fueled by excessive credit and a timid Fed,” wrote technical analyst Jeff deGraaf, chairman of Renaissance Macro Research, in a Wednesday note.
Longtime market bull Jeffrey Saut, chief investment strategist at Raymond James, on Tuesday argued that the S&P 500 SPX, +0.12% in the wake of a Sept. 25 reversal to the upside, “now appears to be involved in a melt-up.”
The S&P followed that turnaround with a series of fresh records and is up more than 13% so far this year. The Dow Jones Industrial DJIA, +0.09% is up 14.7%. The S&P notched its fifth straight record close Tuesday, albeit with a gain of just 0.1%, matching a streak that ended in February. If the index closes at a record Wednesday, it will mark its longest streak since June 1997.
This article was posted: Thursday, October 5, 2017 at 8:21 am