With the stock market hitting yet another series of record highs, some investors may be inclined to take the money and run – or at least start to worry about the rally’s sustainability. Not the legendary investor Laszlo Birinyi. The president of Birinyi Associates is going in the opposite direction, placing more bullish trades on the S&P 500 and raising his price target into the 2,588-to-2,600 range. That’s 3% to 3.5% higher than the index’s current level, and it would mark a 16% surge for the year. In a recent note to clients, Birinyi also said he bought SPDR S&P 500 ETF $255 calls expiring December 29. The fund tracks the benchmark index. One of the biggest components of Birinyi’s bull argument is that ample cash remains on the sidelines, waiting to be deployed. And as stocks continue to show strong fundamentals, such as earnings growth, traders will continue to find excuses to put that cash to work. Birinyi’s new trade follows a similar one he made in June, when he purchased options betting that the benchmark index would hit 2,500 by the end of September. And here we are, on the final trading day of the month, sitting just… Read full this story
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An investing legend who has nailed the market at every turn just got even more bullish on stocks have 323 words, post on www.businessinsider.sg at September 29, 2017. This is cached page on CHUTEU. If you want remove this page, please contact us.