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Bullish Reading 2010

Brian Belski, Chief Investment Strategist at Oppenheimer & Co. was among a handful of strategists that were bullish heading into 2010.

As he noted in his latest research report that was published today, that's no longer the case.

Belski said, "it's now en vogue to be bullish heading into 2010."

With U.S. stocks ending 2009 with their best performance since 2003, Belski expects this positive performance to continue this year. His price target for 2010: 1,300 on the S&P 500, that would be a "healthy 16% return".

Belski views behind this bullishness however, differs from others. Here's his four main themes for 2010:

1. U.S. economy to deliver growth above expectations
2. U.S. consumer to prove resilient and recovering
3. U.S. stocks to outperform as international growth disappoints
4. Commodity bubble to burst as speculation subsides

Looking overseas, emerging markets were the big winners in 2009, European stocks locked in their best rally in a decade and Asian markets continue to see strength. Belski however, thinks the opportunities will be at home. He expects U.S. stocks "to outperform a majority of their global counterparts during 2010". He thinks the prospects for global growth have been overestimated and that the "U.S. is well on the road to recovery".

Liza Tan contributed to this article.

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