Fear is overwhelming a market that's likely grinding higher, Wall Street bull Jim Paulsen says (via TradingNation)
According to Paulsen, the combination of fear, room in valuations and accommodative central bank policies are setting up the market for even more upside in the year's second half, which kicks off Monday.
"[There's] a lot of support for this economy and this market — and a lot of fear and caution. That's a powerful combination, I think, for higher levels here down the road," he said. Paulsen believes the Street isn't bullish enough. He predicts the S&P could exceed the highest forecast on the Street, which belongs to Deutsche Bank. Its price target is 3,250, an 11.5% gain from current levels.To profit from the next leg of the rally, Paulsen is advising investors to lighten up on what has been working.
"On strong days when the defensive stocks are running, I'd let go of some of my defensive stocks and let some of those that are fearful have them," he said."I would continue to maintain a position in the popular
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