NEW YORK (TheStreet) -- Investors should stick with the rising S&P 500 because inertia is a force so powerful that not even the Federal Reserve can overcome it, according to Stephen Duneier, chief investment officer of Bija Advisors.

"What has worked going back to 2011, I believe, is going to continue to work for some time to come, at least until we get some truly institutional changes and those are going to be more federal than they are monetary," said Duneier.

Duneier said the Federal Reserve has essentially become "impotent" and the trend toward wealth and income disparity in the country is now more important than the latest statement from Fed Chair Janet Yellen.

"Fundamentally the Fed is no different than any other institution or corporation. They are in the business of behavior modification of their target audience. What is important to understand is their target audience has changed radically. So the whole reaction function between the Fed's tools and what they are hoping for as behavior out of their target audience is different," said Duneier.

And while many see the Fed's strategy to keep rates low as a means of pushing investors into risky assets like stocks, Duneier does not see owning an S&P 500 index fund as a risky maneuver at all.

"Look at the correlation between the S&P and all of the other traditionally risky assets. It's collapsed," said Duneier. "The S&P should no longer be seen as a risky asset, or reflective of a risky asset like emerging markets and commodities are. Fundamentally the markets have changed."

Duneier added that the market is truly "risk averse" at this juncture despite the rise in equity prices.

"The stock market has gone up but actually very few people have participated in it," said Duneier.

Finally, he said outside forces, like a slowing China, will not throw the current trend off track.

"China is less important than it used to be," said Duneier. "China was only really important because of its urbanization process. That urbanization process reached a peak in 2010 and has turned the other direction, which is why you've seen commodities come down since then."

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