Veteran market watcher Edward Yardeni believes investors who succumb to stock market jitters could miss out on another wave of big gains.
Yardeni noted the most recent record highs for the Dow Jones, Nasdaq and S&P 500 indices aren't being driven by a surge in valuation multiples. Rather he says the activity is "more like a melt-up in earnings." And, that's a bullish sign for the rally.
"The fundamentals are just cranking along at a decent pace here. Earnings are doing remarkably well given that the economic data looks kind of slow. But somehow or another, companies are generating good revenues and good earnings. I think that's because the global economy is doing reasonably well," said Yardeni of Yardeni Research recently on CNBC's "Futures Now."
He has been miles away from the bear camp since March 2009, turning bullish a few days after the S&P 500 hit an intraday low of 666 on March 6.