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The question isn't whether the stock market is expensive, it's what makes it stop getting expensive, says one of Wall Street's biggest bulls.
Credit Suisse Chief U.S. Equity Strategist Jonathan Golub is forecasting the S&P will hit 2,600 at the end of this year and 2,875 at the end of next year. Lower volatility, the absence of a looming recession and the lack of fear from interference by Federal Reserve are driving prices higher, he said. A December rate hike appears all but certain, but Golub does not anticipate a sell-off.
"Eventually, the Fed is going to be the enemy of this thing," Golub told CNBC's "Fast Money" on Tuesday, but he doesn't think that will be the case for the central bank's next few moves.
He does not think the market is anticipating corporate tax cuts from President Donald Trump's administration. Even if the White House got its way, Golub said that could pressure unemployment rates and cause wages to increase.
"It's going to force the Fed to get involved, the market's going to run too hot," he said. "I would be weakening my number, I would be selling into that."
Despite the overall increases in the market, some sectors have lagged. Industrial stocks should be performing better they are given strong economic data, Golub said. Because of that, he said one of two things will happen: either they'll get cheaper when the data becomes less strong or they'll "catch fire."
"These deep cyclicals should be having their day in the sun, and if they're not, they're an area I'm actually a little bit cautious about," he said.