Get More Bullish? Here's Why The S&P Could Hit 2,450
Sean Udall, the CIO of Quantum Trading Strategies and tech stocks expert, joined Benzinga's PreMarket Prep last week, where he explained his bullish thesis for the overall market.
Udall has a 2,450 target on the S&P 500 index which implies continued upside from its current level just below the 2,200 mark. He noted that his outlook remains unchanged and he held this belief when the index was trading below the 1,800 mark.
"Here is the simple fact," he explained. "Markets don't act like this if all the economists are correct and the economy and is going to be terrible in six to nine months. Stock markets act like this when economic growth is going to be better, not worse and I think that is exactly what is happening."
Finally, Udall pointed out that the stock market got off to a rough start in 2016 and it took a few months of volatility before the bulls really took charge. According to the pro, several of the "scare stories" didn't actually play out as many bears had expected, especially as data came out which mitigates the concerns and scares.
For example, Brexit was the latest "scare story" which forced a lot of investors to exit the stock market even if they didn't want to do so.
"The set up was there for stocks to go up a ton," he concluded. "They are basically acting in accordance."
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