Wall Street brought in the New Year with a bang. The Dow Jones Industrial Average and Nasdaq Composite posted their best first four days of a year in more than a decade, while the S&P 500 hit its best level since 2010.
According to one market watcher, the momentum will continue for the markets — but not without some difficulty.
A few midyear uncertainties could cause an upset on Wall Street, predicted Phil Orlando, chief equity strategist at Federated Investors, who is targeting 3,000 for the S&P 500 by year's end.
"We think potentially there will be a barbell shape to this year," Orlando told CNBC's "Futures Now" in an interview this week. "We could hit an air pocket in the summer and then we should end the summer on a high note."
Orlando's "barbell" prediction strays from the pattern set in 2017, when markets booked new records on a mostly straight upward track. Last year, Wall Street boasted an impressive list of accomplishments: It was year eight in this bull market, its second-longest in history.
The Dow smashed through 20,000 last January, and scored 71 record closes over the next 12 months — its most ever and a level it had not come close to since 1995. Meanwhile, the S&P 500 rose nearly 20 percent and the Nasdaq almost 30 percent, their best annual gains since 2013.