‘You’re Going to Get a Rocket Ship’: Market Analyst Delivers Bullish Forecast on CNBC as S&P, NASDAQ Hit All-Time Highs

The stock market is going to become a “rocket ship” by the end of the year, an investment analyst predicted on CNBC Monday.

“I think the markets are going up — I think they’re going up a lot more than people think,” Capital Wealth Planning’s chief investment strategist Jeff Saut said in an interview with the network’s Joe Kernen. He added the caveat that the market may stall for several months before rising: “We may stall here for a while into the fall, into September, October, November — but I think that you’re going to get a rocket ship coming in the fall of this year, and the S&P is going to trade out above 4,000.”

“We’re at 3,130 now, so that’s more bullish than you’ve been in the past,” Kernen replied, stumbling over his words. “You said over 4,000 by — the next, how many months? Twelve months?”

“Yeah, in the next 12 months … the S&P will be above 4,000,” Saut said.

The S&P and NASDAQ both hit record-highs on Monday, propelled by tech stocks including Amazon, Apple, Facebook, and Facebook parent company Alphabet.

Kernen cited certain metrics related to the coronavirus as reason to be skeptical, including the rise in new infections and ICU patients. However, Saut said he saw reasons to believe that consumer sentiment would persist despite the virus.

“Ya’ll live in New York City. Go to the restaurants. Restaurants are full. Restaurants in St. Petersburg are full. The economy is doing a lot better than most of the economists think,” Saut said.

Watch above via CNBC.

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