Strategist calls for monster year-end rally

Get ready: This year could end with a bullish bang, as the S&P 500 climbs 15 percent in just over two months. So suggests Oppenheimer's chief market strategist John Stoltzfus, who is sticking with his 2,311 price target for 2015.

"We look around and we've got low interest rates, cheap gasoline, a holiday season coming towards us, an accommodative Fed, housing is going very well by the latest data we've seen, you've got automotive sales going up. This is an economy that is performing under not-small challenges, but it is fundamentally sound at this point," Stoltzfus said Tuesday on CNBC's "Trading Nation."

"It is not robust, but it is a sustainable economic expansion that we are seeing here, so we are very confident that equities will perform well here," he added. "Whether it will hit our 2,311 target for the year this quarter, we'll have to see, but we think it's got a good chance."

It closed Tuesday at 2,030.77.

The strategist hearkens back to 2011, when the S&P enjoyed a rally of nearly 15 percent from its closing low in the beginning of October to New Year's.

Read MoreThe S&P has tripled, but these 5 stocks are down 50%

He sees this summer's market slide as an overreaction to bearish news in China, and argues that "the market is notorious for climbing walls of worry."

As long as domestic economic indicators look decent, he remains bullish.

"We'd have to say, for us, this looks like a good run here," he said.


Trades to Watch

Trader Bios


Trading Nation is a multimedia financial news program that shows investors and traders how to use the news of the day to their advantage. This is where experts from across the financial world – including macro strategists, technical analysts, stock-pickers, and traders who specialize in options, currencies, and fixed income – come together to find the best ways to capitalize on recent developments in the market. Trading Nation: Where headlines become opportunities.

Michael Santoli

Michael Santoli joined CNBC in October 2015 as a Senior Markets Commentator, based at the network's Global Headquarters in Englewood Cliffs, N.J.  Santoli brings his extensive markets expertise to CNBC's Business Day programming, with a regular appearance on CNBC's Closing Bell (M-F, 3PM-5PM ET). In addition, he contributes to CNBC and CNBC PRO, writing regular articles and creating original digital videos.

Previously, Santoli was a Senior Columnist at Yahoo Finance, where he wrote analysis and commentary on the stock market, corporate news and the economy. He also appeared on Yahoo Finance video programs, where he offered insights on the most important business stories of the day, and was a regular contributor to CNBC and other networks.

Follow Michael Santoli on Twitter @michaelsantoli

Read more