Don't put this market veteran in the bear camp.
Ed Yardeni, who has been ranked among Wall Street's best economic forecasters, predicts stocks will be 10 percent higher by this time next year.
"Is there a recession around the corner? I don't see it," Yardeni, the president of independent firm Yardeni Research, told CNBC recently. Even as speculation abounds over the Federal Reserve's timing on tightening monetary policy, the market bull believes the trend is still up.
"The bottom line here is even if the Fed [hikes] in June, we are still talking about historically low interest rates," he told CNBC's "Fast Money" this week. "I do think that the dollar will continue to strengthen, and I do think some of the panic and concerns about the commodity markets were overdone at the beginning of the year."
Even though the Index has soared by 13 percent since the February 11 lows, there's been chatter on the street regarding how a potential rate announcement by the Fed at its June meeting could create headwinds for stocks. There's also been increasing concern about less than stellar economic data both in the U.S. and around the globe.
Yet none of that fazes Yardeni, who thinks investors got too pessimistic at the beginning of the year. He's now making the case for economic expansion into next year.
"Over this [one-]year period, I think earnings can grow 6 or 7 percent. I think global revenues can grow about that: 3 percent real [non-inflation adjusted] and maybe 2 to 3 percent inflation," he said.
Yardeni also argued the continuation of companies buying back stocks and mergers and acquisitions activity will drive the stock market higher.
He believes the S&P 500 will rise as high as 2,300 by mid-2017.