Jim Cramer, host of CNBC’s Mad Money, says stocks are still headed higher.
“Say it with me, it’s a huge bull market rally,” Cramer bellowed on his show. “Any pullback will be a selloff in a bull market.”
Cramer blasts those who won’t climb aboard the bull.
“How much higher do stocks have to rally before the chorus of doomsayers and legions of negative Nancys admit that the move is for real?” he asks rhetorically.
“Let’s say the Dow Jones Average goes to 9500. How about if the S&P 500 goes up another 10 percent? Is that still a bear market rally?”
Stock market bears “simply won’t admit they’ve been dead wrong,” Cramer says. “The perma bears who have kept you out of this amazing run simply don’t care.”
The bears “tell you it’s time to worry about higher mortgage rates, even as we just got a fabulous pending home sales number that screams housing bottom, Cramer says.
Pending sales of previously owned U.S. homes unexpectedly rose 6.7 percent in April.
“And the lower prices cancel out any rise in the still historically low mortgage rates,” Cramer says.
Many do agree with him.
Barton Biggs of hedge fund manager Traxis Partners wrote in Newsweek: "My prediction is that we'll see a broad trading range somewhere between the March (S&P) lows of 700 and the 2000 and 2007 highs in the area of 1,450 to 1,500 over the next few years."
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