Dick Bove Calls for a Year End Rally
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Rochdale bank analyst Dick Bove has completed a 180-degree call on the market in a little over 4 months, and his timing has been uncanny. He is now fully positive on the market and sees a year-end rally.
Bove, who went Negative on the market on Apirl 4, 2012 when the S&P 500 was at 1413, lifted his rating to Neutral on June 6 when the S&P 500 was at 1285.61, and now is raising his rating again to Positive with the S&P 500 at 1,408.60.
He said the projected 12 month price target for the S&P 500 is now 1,555.
"I continue to believe strongly in the seasonality of the market," Bove said. "I believe that history shows that the market reacts quickly to the seasonal easing and tightening of the Federal Reserve. In September, the Fed eases on a seasonal basis to facilitate the economy's need for funds to pay for the holiday season. This has driven the market higher in the past and should do so again."
Bove, who went Negative on the market on Apirl 4, 2012 when the S&P 500 was at 1413, lifted his rating to Neutral on June 6 when the S&P 500 was at 1285.61, and now is raising his rating again to Positive with the S&P 500 at 1,408.60.
He said the projected 12 month price target for the S&P 500 is now 1,555.
"I continue to believe strongly in the seasonality of the market," Bove said. "I believe that history shows that the market reacts quickly to the seasonal easing and tightening of the Federal Reserve. In September, the Fed eases on a seasonal basis to facilitate the economy's need for funds to pay for the holiday season. This has driven the market higher in the past and should do so again."
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