Recently, Evercore ISI raised its year-end target for the S&P 500 (^GSPC) to 6,000, the highest target on Wall Street. Julian Emanuel, Evercore ISI Senior managing director of equity, derivatives and quantitative strategy, joins Market Domination to provide a rationale for the Street-high target.

"What we're looking for is sort of the tail ends of the distribution of things, of reasons that stock prices can come down. On the one hand, there's what you would call the bubble watch. We don't see any incipient signs of a bubble forming. No IPO or M&A mania. Sentiment by all the readings continues to be reasonably subdued. There aren't any egregious policy errors, and the Fed isn't saying we're going to cut no matter what. They're being prudent about their approach," Emanuel tells Yahoo Finance.

Emanuel notes that a recession would destroy a bull market, but sees no "red flag signs" in the jobless claims numbers.

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This post was written by Nicholas Jacobino