"The market is not cheap but it is not especially expensive either," writes Laszlo Birinyi, calling for the S&P 500 to take out 1,970 between now and the end of September.
Lackluster economic data, so-so corporate earnings, and blowups in many Internet, social media, and biotech names aren't a concern, but instead a positive.
"The overall market is shrugging off the tech and biotech problems, and that’s important ... [it's] “the last stage of a great bull market. It’s the exuberant phase.”
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