Canada Markets close in 5 hrs 3 mins

Why this bull market may have no teeth left

The major indexes have been rocketing to new highs in recent weeks, with many investors hoping Dow 30,000 may be right around the corner.

But longtime investment executive George Ball, CEO of the SMH Group, says it may be time to rethink that.

“We should be concerned about a bull market that is older than Methuselah,” Ball told Yahoo Finance’s “The First Trade.” “I'm afraid the bull market is not only long in the tooth – it may have lost most of its teeth by now.”

Wall Street is currently in the midst of the longest bull market in history, delivering 472% gains for the S&P 500 (^GSPC) since 2009.

But Ball cautions there are major warning signs that could throw a wrench into the party.

“The U.S. consumer is running out of steam. The global economies aren’t growing rapidly. And just after a while enough is enough,” Ball said.

Traders Peter Tuchman, left, and his son Benjamin Tuchman, wear "Dow 28,000" hats at the close of trading on the floor of the New York Stock Exchange, Friday, Nov. 15, 2019. (AP Photo/Richard Drew)

For JPMorgan Asset Management Global Market Strategist Alex Dryden, the bigger worry is over President Trump’s still unresolved trade fight with China. He warns investors aren’t paying enough attention to the risks of a trade war with Europe.

“I think the market is making the mistake of seeing a U.S.-China potential trade deal as the finishing line for global trade tensions,” Dryden told Yahoo Finance. “Even if we resolve some of the pressures between the U.S. and China, all that will happen is the area of focus switches from the U.S. and China to U.S. and European trade tensions.”

“Up come the tariffs, up come the sanctions, and that damages a fragile consumer in Europe and potentially sucks the U.S. consumer into the fight as well,” Dryden said. “That's where I think we get concerned about market correction in early 2020.”

Read more:

Dow 30,000 may be coming real soon: Mark Mobius

4 factors that'll drive economic acceleration in 2020: Goldman Sachs

Trump: Stocks would be 25% higher if the Fed had not raised rates

Read the latest financial and business news from Yahoo Finance

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, YouTube, and reddit.