"The market is not cheap but it is not especially expensive either," writes Laszlo Birinyi, calling for the S&P 500 to take out 1,970 between now and the end of September. Lackluster economic data, so-so corporate earnings, and blowups in many Internet, social media, and biotech names aren't a concern, but instead a positive. "The overall market is shrugging off the tech and biotech problems, and that’s important ... [it's] “the last stage of a great bull market. It’s the exuberant phase.”
Of his relatively muted call (1,970 is little more than 3% above the current level): "To suggest that we will leave NY on Monday morning and arrive in LA mid-Saturday ignores the possibilities of detours, flat tires, bad weather and other realities ... We are still of the belief that this market will, like others before it, end with a burst of enthusiasm, with magazine covers and with detailed stories about the stock market perhaps even making it to page one now and again."