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The firm’s view comes as it notes that the “right” benchmarks are showing confirming strength, meaning their ability to reach new highs together indicates continued strength.
Overall, the firm feels speculative themes are emerging, with the OPCO Bullish Composite reaching 91% last week, marking the most optimism in this contra-indicator since 2018.
“However, it’s difficult to become too downbeat on the market when speculative themes are emerging higher from three-year declines,” said Oppenheimer.
“Overall, market consolidation would be reasonable but is not necessary. With the market overbought in a confirmed bull cycle, we expect bottom-up selection to outperform top-down timing,” they concluded.
