Laszlo Birinyi on the Stock Market’s Future Trajectory
Long-time market observer and tactician of his own firm Birinyi Associates, Laszlo Birinyi, was on CNBC with Scott Wapner providing his updated view of where the stock market is heading as it approaches its all-time highs.
Birinyi said we’re entering the end phase of this protracted bull market where stocks do very, very well. One thing not being talked about, and he hasn’t read, is that stocks have a really good year in 2013, he added. Birinyi pointed out that in 1995 the market gained 35%, while in 1985 the market gained 30%.
Birinyi said one of the biggest positives we’re seeing is all the negatives are going by the wayside one by one; housing recovering, economy is picking up, Europe is looking better with automobile manufacturer BMW being up 35% last year.
Birinyi advised “don’t fight it” as there is a growing sense by investors the market is not going to come back to them.
Back in March 2012, Birinyi predicted the S&P 500 could reach 1700 by the end of 2012 based on historical patterns and figured stocks that had performed well would continue to do so [link].