Stock market bull run is only half way through, says Birinyi

The stock market is only about halfway through a bull run that will catapult the Standard & Poor's 500 another 60 percent over the next two to three years, well-known stock analyst Laszlo Birinyi told CNBC on 23 Mar 2011.


As many other market pros await a pullback, Birinyi, head of Birinyi Associates, anticipates that the market will continue the rally that began off the March 2009 lows.

The surge paused last summer but has run full steam until the violence in Libya and the crisis in Japan interrupted it over the past month.

"The last bull market was five years. We're still looking for (this) bull market to last four to five years," Birinyi said. "If we cobble together all the long bull markets, we come up with a historical projection of about 2,100 out two or three years from now on the S&P."

The projection, while bold, is actually a good deal less avid than an outlook from the firm earlier this year.

In a research note sent to clients in January, Birinyi's firm forecast that the S&P would hit 2,854 on Sept. 4, 2013.