A long term uptrend (months to years) price movement in any market, characterized by a series of higher intermediate highs (those established within weeks to months) interrupted by higher consecutive intermediate lows.
Equity strategists predict world stock markets will pursue their recovery next year (2004), buoyed by strengthening corporate profits, but rallies are likely to be muted by official interest rate rises, according to a Reuters poll.
The poll of around 100 equity strategists in Europe, North America and Asia shows they expect major stock indices to rally on average by about 11 percent between now and the end of 2004. Major U.S. indices were tipped to rally by eight percent and European indices by around 10 percent. The biggest recovery is expected in Japan with predicted gains of 19 percent. For the UK's FTSE 100 index, strategists gave a mid-range forecast for it to end 2004 at 4,825.
Overall, the poll shows strategists expect the return of corporate profitability, notably in the United States, to encourage investors to put more money back into stocks. "As I look to next year, I would not recommend investors jump ship," said Ned Riley, chief investment strategist at State Street Global Advisors in Boston. "I think the assets far outweigh the liabilities for a better market."
Market Target for 2004: S&P 500: 1300 Dow Jones Industrial Average: 11700 -
FTSE100 vs DJIA vs Nasdaq - last 1 and 3 years:-DJIA vs S&P500 vs Nasdaq - last 2 years:-
Looks like 2004 will be a very good year.
I firmly believe we will see a new all-time high for the Dow Average and the S&P 500 by Election Day 2004.
It's a bull market -- and it celebrated its first birthday on Oct. 9.
Leave pessimism to the traditional old-media outlets. It doesn't matter what they preach. This country is in good shape.
Our forecast is for the S&P 500 to reach 1160 by midyear 2004 and 1190 by the end of the year, about an 11% gain from its recent 1074 level. The estimated gain is slightly below the historical norm for the second year of a bull market and above the traditional presidential cycle fourth-year gain.
