US stock market's “parabolic move” may be bullish signal

The S&P 500 rose 2.2 percent last week, marking its fourth consecutive weekly gain.

“The herd is running into the market at the moment, and that’s giving the market some additional legs,” said Matt Schreiber, president and chief investment strategist at WBI Investments.

To Tom Lee, co-founder of Fundstrat Global Advisors, this is a bullish signal for the rest of the year.

Lee described the latest rally as a “parabolic move”, adding: “The only 2 years where this ended poorly was 1929 and 1946-but in both instances, it was higher THEN lower.”