March 30th was the market bottom and we will not retest those lows, says Ed Yardeni

Summary

Ed Yardeni discusses his 7700 S&P 500 target, asserting that the March 30 low was the market bottom and will not be retested. He is moving overweight in energy stocks as a hedge against continued geopolitical risks, citing the sector's small market cap, good dividends, and infrastructure rebuilding opportunities. He does not expect the Fed to cut rates, as the economy is resilient and inflation remains above target.

• Ed Yardeni maintains a 7700 S&P 500 target.
• He believes March 30 low is the market bottom and will not be retested.
• He recommends moving overweight in energy stocks (5-10% of portfolio).
• Energy sector is seen as a hedge against Middle East conflict.
• He argues the Fed should not cut rates because the economy is strong.
• U.S. economy's lower energy intensity reduces recession risk from oil shocks.
• Energy stocks offer good dividends and benefit from infrastructure rebuild.
• Geopolitical stalemate in the Middle East is not causing a U.S. recession.