Julian Emanuel of Evercore ISI argues the bull market has room to run, driven by strong liquidity and a resilient economy, but warns that a persistent oil price shock above $4.50/gallon or triple-digit WTI is the biggest threat to the rally. He sees the current volatility as a digestion phase, with true FOMO still ahead.
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Evercore ISI
8.0
Investment Bank
Julian Emanuel 9.0
Investment Bank
Julian Emanuel 9.0
6/11/2026 4:57:53 PM
dxy
No direct mention of the dollar; strong labor market and resilient economy suggest no immediate pressure for sharp dollar moves, but oil price concerns could create uncertainty.
metals
No mention of metals; focus is on oil and equities, so no directional signal.
ndx
Emanuel describes the market as resilient despite negative headlines, says the melt-up has begun but true FOMO is ahead, and compares to structural bull markets of the 1990s and 1980s, implying a cautiously bullish view on tech-heavy indices.
rut
Emanuel's broad bullish view on the bull market and strong labor market supports small-cap resilience, though he does not explicitly mention the Russell 2000.
wti
WTI at $89, Brent at $92; $4.50/gallon or triple-digit WTI is a threshold; oil likely to go higher if Iran regime hardens.
| 5/19/2026 4:40:10 AM | medium term sharp up | 20 days later | -10.24% | -15.36% |
| 4/13/2026 8:34:50 PM | medium term up | 20 days later | +16.59% | +16.59% |
yields
Emanuel notes yields are high relative to earnings yields and that structural bull markets tolerate higher yields, implying yields may stay elevated or rise modestly.
