NEW YORK (TheStreet) -- With all three indices higher, one might think it's because Janet Yellen will become the next head of the FederalReserve. 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.
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.
-- 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.