Bull market may have years left to run

Some analysts think that the current bull market has several more years left to run.

Brian Reynolds, asset class strategist at Canaccord Genuity, thinks that the stock market has been rallying because public pension funds keep flooding the credit markets with cash at a record pace and companies keep using that money to buy back their stock.

Reynolds wrote in a recent note that “it is more likely that the credit boom will intensify in the coming years, rather than come to a premature end”.

Jeff Saut, chief investment strategist at Raymond James, told CNBC that the bull market has “another six, seven, eight years left in it”.

In contrast, strategists at Bank of America Merrill Lynch said that investors should stay cautious.

“Best reason to be bearish in Q4 is there is no reason to be bearish,” BAML strategists wrote in the weekly note.