Jeff Weiss, chief technical analyst for Tejas Securities Group, said he liked the look of this year's rally and sees it heading toward 1425. He noted that 1,000 issues or more have advanced in 34 out of the past 35 sessions.
Jim O'Shaughnessy, founder of O'Shaughnessy Asset management, also had an upbeat view on stocks. He said the last time Dow was at 13,000, investors were paying 17 times earnings for stocks compared to 14 times earnings now.
He said investors now can pay less for stocks with good price momentum in a low volatile market environment. They include names such as Home Depot (HD), Tata Motors (TTM), Apple (AAPL) and Garmin (GRMN).
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV