This is not a traditional bull market, and while it may be taking a breather, it’s not going to stop anytime soon, one top strategist said Monday.
That’s what BMO Capital Markets Corp. chief investment strategist Brian Belski said Monday afternoon on CNBC’s “Closing Bell.”
“We’re going to have a pause here and there, but this is very, very normal and very healthy,” he said.
Since plunging into a correction last month, Wall Street has largely recovered. The Nasdaq
has rallied to recover its losses, while the S&P 500
is 3.1% away and the Dow
is 5.4% shy and has once again topped 25,000.
“It’s going to be increasingly difficult … to continue to try to diagnose this as a traditional bull market,” Belski said. “We believe that the more fundamentally based you are, the better you’re going to be prepared for this,” he said, reminding that in 2009 he predicted a 20- to 25-year bull market.
In November, Belski predicted the Dow would hit 2,950 by the end of 2018, thanks to strong earnings growth and valuations.