NEW YORK (TheStreet) -- Ben Willis, managing director of Albert Fried & Company, told TheStreet's Brittany Umar the stock market will likely keep its upward momentum through the rest of this year.
Willis said there aren't many alternative assets for investors to consider and that is why money should continue pouring into equities and push them higher.
He added that professional money managers are looking for a correction, as seen by the February call buying in the CBOE Volatility Index (VIX.X). However, his advice is simple: Don't get in the way.
Consumer spending increased 0.5% in November, the highest reading in five months. Willis suggested the market would be hyper-sensitive to any sort of consumer data during the holiday shopping season. He said the economy is being viewed as a glass half full, that keeps "refilling."
The durable orders report is due out on Tuesday, a day when the stock market closes at 1:00 p.m. EST. Willis said the report is unlikely to rattle the market, though nothing is impossible.
-- Written by Bret Kenwell in Petoskey, Mich.