Pro Analysis

Strategist Stovall: Bull market has further to go, judging by history

A rodeo bucking bull Bos taurus charges after a competitor in the rodeo arena, AB,
Robert McGuoey | Getty Images

CFRA's Sam Stovall told clients the 8-year-old bull market run will continue for another year because of economic strength and the market's dividend yield.

"Bull markets don't die of old age, they die of fright. And what they are most afraid of is recession," CFRA's chief investment strategist wrote in a note to clients Monday. "We believe the market has a good chance to celebrate its ninth birthday. However, we believe that while its trajectory will remain up, its angle of ascent will decline … in the coming 12 months based on a combination of bottom-up and top-down metrics."