S&P 500 Has Already Bottomed, No Hard Landing: Yardeni

But if Yardeni's track record is any indication, it's worth heeding the view of a market veteran who coined terms like "Fed Model" and "bond vigilante."

The strategist, who worked at Oak Associates Ltd. and Deutsche Bank before founding his namesake research firm, called the equity bottom the same month when the 1982 bear market ended. He then repeated the success in March 2009 when the S&P 500 reached an intraday low of 666.79 — 3,000 points below this year's trough in what he calls another "devilish number."

While failing to foresee the turn after the dot-com crash in 2002, Yardeni predicted that the 1987 bear cycle would be short-lived less than two months before stocks staged a sustained recovery.

The S&P 500 has climbed 8% since its mid-June low, staging its longest recovery of the year after sinking more than 20% during the first half.

Stocks have tumbled amid concern that the Fed's aggressive monetary tightening could tip the economy into a recession. Now with commodity prices falling and data pointing to a slowdown, the hope is that inflation pressures may finally be peaking.

Although Yardeni said that Thursday's reading on second-quarter gross domestic product could turn negative — marking a second straight quarter of contraction — he would consider it a "mid-cycle slowdown."

"I don't see a hard landing," he said.

(Photo: Christopher Goodney/Bloomberg)

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