NEW YORK (TheStreet) -- With all three indices higher, one might think it's because Janet Yellen will become the next head of the Federal Reserve. However, Jason Weisberg of Seaport Securities told TheStreet's Debra Borchardt the rally isn't about Yellen at all -- it's about retail sales.
While not all retailers did so well, he said the majority of better-than-expected results and guidance are helping to push the market higher. Weisberg thinks holiday sales should be extremely strong, especially when coupled with lower gasoline prices.
Borchardt agreed, suggesting the video game sector should get quite a boost thanks to Microsoft's (MSFT) Xbox One doubling pre-orders from the Xbox 360.
Weisburg said consumers will need to buy games and accessories, too, which will be only a fraction of where the money is spent this holiday season.
Weisberg concluded the economy seems much brighter than it was a year ago. Without natural disasters such as Hurricane Sandy plaguing consumers, holiday spending should be much, much better this year.