“The S&P 500 index closed at 1485.98 on Friday, up 119.6% since the start of the bull market. I’m still targeting 1565 before the middle of the year, matching the record high on October 9, 2007. That would be an increase of 5.3% from Friday’s close. My yearend target is still 1665, which would put the index up 16.7% for the year following last year’s gain of 13.4%
Several other major stock market indexes have gone vertical in recent days to new record highs including the S&P 400 MidCaps (up 165.4% since March 9, 2009), S&P 600 SmallCaps (175.1), S&P 500 Transportation (161.3), and Russell 2000 (160.1). The bull may be getting old, but you have to respect the strength and breadth of its most recent charge.
The bull’s stamina has been based on performance-enhancing earnings….”
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