British hedge fund manager Crispin Odey of Odey Asset Management said on Wednesday that he believes the current U.S. stock market rally could be lasting.

“In a little over a month, much has changed – stock markets have shot up, led by the financials and the base material sectors,” he wrote.

“Opinion is divided over whether this is a bear market rally or the beginning of a new bull market – I think it has a the chance to be a new bull market,” he wrote in a note to clients, according to the Independent.

Odey believes that the bull market will grow from its narrow base to extend into other industries.

However he noted he expects stock markets to continue to be volatile.