of US stocks and exchange-traded funds — and they may have cleared the way for giant gains for stocks next year.could surge to 3,950 by the end of 2020. That would mark a 26% rally from current levels, on top of the 25% gains seen so far in 2019.
Emanuel names a two major catalysts that could send stocks to those heights: A growing public appetite for stocks brought on by zero-fee trading, and a drop in bond prices and a rise in yields, bursting what Emanuel has called a huge Add those to two events many experts are predicting — steadier growth in corporate profits, and an increase in volatility as the US presidential election approaches — and you have a recipe for another big rally.
"All great Bull markets have a point, usually near the end of the run, where the public investor "falls in love" with the asset, frequently resulting in a parabolic move higher over the course of weeks or months," Emanuel wrote in a recent client note. The saying on Wall Street is that bull markets die in euphoria. While Emanuel isn't predicting euphoria and the end of the nearly 11-year bull market, he says there are signs that the love affair with stocks has already started. He cites money that's started flowing into stock ETFs over the last three months, as well as the wave of publicity and attention as the fee wars have climaxed.
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