Ed Yardeni: I've been among the bulls and haven't been bullish enough

• Market is in a 'FEMO' (Fabulous Earnings Momentum) phase, driven by unexpectedly strong and sustainable corporate earnings.
• Consumer spending has remained robust despite high gasoline prices, demonstrating economic resilience.
• The market has successfully navigated significant Fed rate hikes and a bear market in 2022 without triggering a recession.
• The successful SpaceX IPO is viewed as a positive sign for future large-scale IPOs and overall market enthusiasm.
• Yardeni maintains a long-term S&P 500 target of 10,000 by the end of 2029.

Ed Yardeni, President of Yardeni Research, expresses a highly bullish outlook on the market, coining the term 'FEMO' (Fabulous Earnings Momentum) to describe the current environment. He highlights the extraordinary strength and sustainability of corporate earnings, consumer resilience despite high energy prices, and the market's ability to absorb Fed tightening without a recession. Yardeni sees the successful SpaceX IPO as a positive indicator for future market activity.