Tony Dwyer sees a "strong buy" signal for the stocks

Canaccord Genuity's Tony Dwyer is using just one chart to show the bears that stocks are moving higher.

Dwyer said the stock market a "terrific buy." He has a 2,470 year-end price target on the S&P 500, just 1 percent away from current levels. His 2018 year-end price target of 2,720 is an 11 percent jump.

His comments come just two days after Gluskin Sheff chief economist and strategist David Rosenberg told "Trading Nation" that the booming stock market is in "denial."

"While I respect David quite a bit, I'm very hesitant to say that the bond market is 'telling me something,'" said Dwyer, who points out that when yields reached 2.62 percent after the election, investors were worried the "economy was running too hot." That scenario never materialized, and yields have fallen since then.

"You can correct very easily. We frankly think we're going to get one very near term. But for a significant and sustainable drop, you really have to have a recession," he said. "We are so not close to a recession."

Source: Bloomberg 

Junior Trader Stefan Panteleev

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