Ryan Detrick, senior market strategist at LPL Financial, says the historical comparisons are promising for the market.
"We just had a 20% gain in the second quarter. Only eight times since World War II do we gain at least 15%. Think about this — the next quarter was higher every single time. Two quarters later, higher every single time. So there is that sign, that signal that all the strength that we've seen earlier this year is consistent, and this sounds crazy, is more consistent with the beginning of a new bull market, not the end of a bull market.
Chris Hyzy, CIO at Bank of America, says tech should continue to lead the market alongside one other sector. "Most bull market advances, at least the recent ones in the last two or three decades, have included technology throughout as a leadership group. This time around the bookend to technology is health care. And the reason is technology and health care both have the highest free cash flow collectively in theDavid Kostin, chief U.S. equity strategist at Goldman Sachs, sees a range-bound market ahead.
"The market in our forecast is likely to be range-bound somewhere between 3,200 on the upper end [of the S&P] and 2,750 or 2,800 on the low end, so that's the expectation in terms of the range or the path as we move forward into the rest of the year ... The narrowness of the market is really pretty striking.
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