The stock market is only in the second of three phases of a secular bull market, Altaira's director of technical research, Ralph Acampora, said Monday.
"The first phase of a secular bull market is usually led by quality," he said. "Second phase of a secular bull market, when people start to feel a little better about things, they buy secondary stocks," Acampora said. "The third and final phase is totally greed and complacency, and we're not even close to that. So, the secular bull market has a lot of life left."
"I'm being a little conservative. Longer term, oh, good god—much, much higher," he said. "This is a secular bull that has at least another 10, 15 years to run."
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"I think BAC could be a $30, $35 stock, maybe even higher, someday," he said. "But I'm not talking today. I'm talking several years from now. It's an excellent long-term buy."