Large amounts of money shifting from fixed-income investments into the stock market means that the bull market has a lot more upside, Piper Jaffray Senior Technical Analyst Craig Johnson said Monday.
Johnson, who raised his year-end S&P 500 target to 1,850, said, "We think this is just another mile marker on the road to 2,000. And what we're seeing today is a lot of strong-looking stocks, a lot of strong-looking groups and, again, positive inflows into funds."
Johnson's top stock sectors were industrials and manufacturing, financials and consumer cyclicals, which would get the S&P 500 to 2,000 by the end of 2014. The worst sectors, he added, were energy, basic materials and utilities.
On CNBC's "Fast Money," Johnson noted an outflow of $18.4 billion from PIMCO funds and cited Lipper data showing a move of more than $2 billion into equities "just last week."