One of Wall Street's biggest bulls says stocks could skyrocket as much as 20 percent over the coming months due to an unusual event, one that has only been seen twice in the last 65 years until now.
Here's what happened: On June 28 and June 29, 90 percent of the New York Stock Exchange (NYSE) volume was positive. Canaccord Genuity chief investment strategist Tony Dwyer said the combination of historical precedent and fundamental backdrop suggests a 15 to 20 percent upside over the next 6-12 months.
It may sound technical, but according to Dwyer, the conviction on the part of market participants can often indicate future rallies. Certainly, the market appears headed in that direction already: Last week, stocks all but fully recovered from their Brexit knee-jerk selling, with the broad S&P 500 Index logging its biggest weekly gain since October 2014.
"If you go back to look at 1950 on just occurrences, when you had two upside 90 percent days you have never been negative three, six and twelve months later. As a matter of fact, your median gains are 12 percent, 18 and a half percent, and 29.2 percent," Dwyer recently told CNBC's "Futures Now."
He crunched the numbers with help from data gathered by SentimentTrader.com's Jason Goepfertat.