The Standard & Poor’s 500 Index may spike 13 percent through the end of January following the best September since 1939, according to David Bianco, Bank of America’s (BAC) head of U.S. equity strategy.
Bloomberg: “A strong September is usually a prelude to strong year- end finish,” Bianco wrote in an Oct. 1 note. “We expect a strong third-quarter earnings season with third-quarter earnings-per- share likely coming in between $21 and $21.75, higher than our $20.50 estimate.”
Bianco’s projection for the S&P 500 is 1,250 points. He estimates total earnings for the measure of $83 p/sh.