This market rally has legs, and we think the S&P 500 will reach 1047, said Brian Belski, chief investment strategist at Oppenheimer.
“Our predominant themes this year have been volatility and rising volatility,” Belski told CNBC. “What’s going to lead us into that 1047 target — our favorite sector, [which] is technology.”
On the other hand, he said it’s going to take at least three to five years before financials will be able to buy back stocks and initiate or increase dividends.
“We need to see normalized credit before financials actually really work longer term,” he said.