[video] Quick Take: Cannonball Run Seen for Stocks
NEW YORK (TheStreet) -- Now that the U.S. government has temporarily resolved its issues, is it off to the races for the stock market? According to Jason Weisberg of Seaport Securities, that's exactly the case.
He told TheStreet's Debra Borchardt that there are only 75 trading days left in 2013 and a lot of investors have been on the sidelines, waiting for a deep pullback.
That decline hasn't materialized, leaving a lot managers chasing performance in a short period of time, he said. Next year, when investors are choosing between portfolio managers, they are going to look at this year's results -- which for many managers, are below the S&P benchmark. He said the lack of liquidity in the stock market can help drive prices higher, too.
Weisberg is looking for the Dow Jones Industrial Average to reach 16,200 and the S&P 500 to reach 1,795 by year's end. He thinks the financials will be a big component in order for the rally to materialize, and he hopes earnings will be strong this quarter.-- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell
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