At the end of October, bullish bets on the U.S. stock market from speculative investors rose to their highest level in almost two years, according to a recent Bloomberg article, “a sign that some saw the potential for the S&P 500 index to bounce back from a two-month slump.”

The article reports that as of October 27th, net long positions in S&P “e-mini” futures were the highest since January 2019 (data from Commodity Futures Trading Commission).

“Some strategists argue the S&P 500 can make a run higher from next year, helped by post-election progress on government aid to combat the pandemic’s economic fallout, as well as the introduction of treatments and vaccines.”

The article cites comments from BTIG LLC chief equity strategist Julian Emanuel, who said that his firm’s base case reflects “eventual new all-time highs when the correction concludes,” possibly in the first quarter of 2021.