All eyes are now on the European Central Bank, watching to see if it will come in with more aggressive monetary stimulus. Donabedian is betting it will.
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Carmine Grigoli, chief investment strategist at Mizuho Securities, also applauded the news.
"Most of the global markets have been driven by monetary moves overseas this year—the ECB and now the Bank of Japan. Very positive development for equities overall," he said.
Grigoli expects that positive vibe to continue, and has a target of 2,150 for the S&P 500 by next summer—a number he calls a bit on the conservative side.
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"Earnings have been very favorable, interest rates have declined here recently, M&A activity remains very strong. So lots of positive developments here that I think as long as you can put off a Fed tightening, the stock market prospers," he said.
However, Donabedian sees a bumpy ride ahead.
"We went through a five-year period of almost 20 percent compound annual returns—sort of a rising tide lifts all boats kind of environment," he said. "We really believe that's over and we're in a more challenging, lower return higher volatility phase of the bull market."
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Donabedian said one reason is the strong dollar. U.S. companies are facing exporting challenges and a negative translation of overseas earnings into dollars.
"A narrower advance is more likely which means it's a stock picker's market," he predicted.