UBS: Like, Totally, Don’t Sell the Rally; We’re Going Higher, Ok?

Like the data, it’s just getting better. The UBS strategist can totally see the market going higher, because, umm, earnings are going to be flat. I know what you’re thinking ‘why buy into flat earnings, what am I a fucking moron?’ Well, sort of, yeah.

But flat earnings are better than down earnings, so take that.

Also, even though earnings have been flat for 4 consecutive quarters, they’re gonna be up now. So, in other words, take that.

“Essentially, that data has just improved. So post-Brexit, what’s happened? We’ve seen the labor market report improve, we’ve seen the ISM surveys, both manufacturing and nonmanufacturing improve. We’ve seen consumer spending perk up,” he told CNBC’s “Squawk Box.”

And while earnings this season thus far point to “flattish” growth, that is much better than the 6 percent decline in the first quarter, he said.

Asked what happens when analysts raise the bar for earnings, Zirin said valuations are “reasonably good” and “well supported.” So long as economic data continue to improve, the bar will not be raised too high, he added.

Earnings are poised to turn positive after a four-quarter profit recession caused in large part by a protracted oil price rout that badly bruised the energy sector and a U.S. dollar rally that hobbled multinationals, he said.

Also, the UBS guy totally thinks the Fed will hike rates soon. He said something along the lines that if we’re gonna get back to fucking normal, with markets soaring and shit, we’re gonna have to need normal rates. Ok? Like, totally, these rates aren’t fucking normal and that’s really, super, annoying.

Ugh.