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[video] Quick Take: Trader Guilfoyle on Selling

Stocks in this article: SPY

NEW YORK (TheStreet) -- Although equities seem to rally just about every day, independent trader Stephen "Sarge" Guilfoyle tells TheStreet's Debra Borchardt why investors might want to be cautious through the rest of the week. 

The European Central Bank will release a policy statement on Thursday. Guilfoyle said that it probably needs to do some form of easing, but that the biggest question is, will it? 

If it does look to do some form of easing, investors can likely expect a rally in European equities and thus, in U.S. equities as well, he suggests. 

The third-quarter GDP announcement on Thursday morning, along with the nonfarm payrolls report on Friday morning, could also throw some hurdles into the mix for the market. 

Overall, he advises traders and investors to be aware of the situation and be ready for the market to pullback if some of these events disappoint market participants. 

Ultimately, though, Guilfoyle expects the S&P 500 to end the year at 1,790, a slight increase from current levels, and said it may tack on an additional 8% in 2014. 

Regarding the Twitter IPO, he concludes that he would be a buyer below $35 and would look to hold on to it for a while.

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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