What the bears are getting wrong about the rally: Strategist Tony Dwyer has a detailed list

Canaccord Genuity's Tony Dwyer has a message for the bears: stop worrying.

The firm's chief strategist has a list of reasons why the bull market isn't showing any signs of cracking.

"What I would say to the bears is: What has happened in this cycle that couldn't already go wrong?" Dwyer asked Wednesday on CNBC's "Trading Nation."

"We've had a Brexit, we've had a Trump election, we've had a French election that was extraordinary, we've had a fiscal cliff, we've had the Affordable Care Act, they're trying to repeal the Affordable Care Act, a European debt crisis every year. ... So we've had all of those events that would normally make you think it's different this time. It's not different," he added.

Dwyer's latest thesis comes as the S&P 500, Dow and Nasdaq all closed at record highs.

"Unless you have an identifiable recession in sight, weakness is not to be sold — it's to be bought. The market recovers very quickly when you're in a positive fundamental backdrop," said Dwyer.

He notes the yield curve is still positive, credit is flowing, the economic backdrop is still favorable and earnings are still trending higher.

As of Wednesday's close, 78 percent of earnings reports beat estimates, 9 percent were in line and 13 percent missed.

Dwyer hiked his price targets on the S&P 500 on July 10, which he's now saying "may prove to be conservative." His current targets put the the S&P at 2,510 at year end, just more than 1 percent away from current levels. For 2018, his year-end target is 2,800.

But he admits there is something keeping him up at night about his bullish forecast.

"I can't find anything fundamentally that's really bad, and that's usually when something comes in to change that perception temporarily," Dwyer said. "You can have sharp corrections, they should be bought and not sold."

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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 CNBCand 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.

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