"We can get to 18, 19 multiples before we even start to worry for real," he said.
The catch-up game for fund managers who've missed the stock rally would continue, according to Hyzy.
"One of the bigger reasons is that the flows we're seeing right now are accelerating," he said. "They're accelerating very quickly because the news flow that's coming behind a lot of this is starting to reaffirm exactly what everybody's waiting for."
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The S&P 500 could easily top 2,000 next year, said Hyzy, whose year-end price target for 2013 is 1,900.
U.S. Trust is underweight on commodities and emerging markets "because of the taper effect," he added.
The reduction of the Federal Reserve's $85 billion-per-month bond-buying program has been acknowledged by the market, The only way it would surprise markets, Hyzy said, is if it were to go wrong, with either a sharp downturn necessitating the Fed to "fast-forward more taper" or a "hiccup in economic growth" forcing a restart of the program.
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"Those are the only two scenarios that I could see a 10 percent correction actually occurs, unless it's geopolitically driven," he said. "Outside of that, it's very tough to see anything fundamental pull us back that hard."
Hyzy's top sector picks are financials and industrials.
—By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.