Observers are more likely to predict that the bullish stock market is nearing completion, due to the recession that is confirmed in Europe, the sharper than expected slowdown in China, the cap margins of U.S. companies and the end of the effect of time on soft U.S. economic data.
Institutional research firm BCA Research of Montreal, for his part, confirmed and signed.
His strategists believe instead that all the ingredients are still in place for the stock market rally continues.
"We can even talk of ideal conditions for the asset classes most at risk, moderate economic growth, modest inflation, monetary hyper-stimulating as well as small and large investors even more fond of little actions," his strategists wrote in a brief overview of an online newsletter for its customers.
Europe is in recession and governments still need to reduce their debts, but the European Central Bank, has succeeded in reducing the threat of a systemic failure. Its purchases of bonds should therefore have, over time, the same beneficial effect that the purchase of the Federal Reserve, releasing capital that financial institutions can lend, also argues BCA.
Finally, the Chinese government will implement other measures to stimulate its economy out of breath, and more targeted measures already implemented to reduce rates and to encourage some banks to increase lending while slowing the housing bubble.