Record bull run, Part II? Raymond James' Jeff Saut sees 12%+ surge over next 5 weeks 

Raymond James' Jeffrey Saut isn't in the business of giving year-end price targets.

But he's so confident stocks will stage a record breaking rally, he's putting a number behind his latest S&P 500 forecast.

"You can carry this market up over 3,000 by the end of the year. That's how bullish I am," the firm's chief investment strategist said Monday on CNBC's "Trading Nation."

If Saut's forecast materializes, it would be a 12 percent-plus jump from current levels over the next five weeks. And, that rally may be taking shape.

The S&P 500 rose 1.55 percent to close at 2,673.45 on Monday. The index is out of correction territory, although it's still off more than 9 percent from its all-time high.

"If this thing starts up, I think the pros are going to have to chase it because their performance has been abysmal this year," said Saut, a secular bull who believes strong corporate earnings and economic growth will dominate the landscape for at least the next several years.

He doesn't see much that could derail his bullish forecast: not the ongoing U.S.-China trade war or the Federal Reserve's interest rate hikes.

"These baby steps of a quarter of a percent, ... it's really nothing," he said of the Fed's moves. "I'm one of the guys that paid 15 and a quarter percent for a 30-year mortgage. So where rates are now, I don't think it's a big headwind."

Saut lists an unexpected geopolitical flare-up as his only worry, but it's not a focal point.

"We think the bottom is in and stocks will trade higher into year-end," Saut said.

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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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