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.

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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.


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Sara Eisen joined CNBC in December 2013 as a correspondent, focusing on the global consumer. She is co-anchor of the 10AM ET hour of CNBC's "Squawk on the Street" (M-F, 9AM-11AM ET), broadcast from Post 9 at the New York Stock Exchange.

In March 2018, Eisen was named co-anchor of CNBC's "Power Lunch" (M-F, 1PM-3PM ET), which broadcasts from CNBC Global Headquarters in Englewood Cliffs, N.J.

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