The S&P 500 may have clocked up gains of more than 27 percent this year, but some analysts believe U.S. stocks still have more room to rise.
In the wake of the Federal Reserve's decision to begin tapering its asset purchases from $85 billion a month to $75 billion, starting in January, some analysts are concerned the U.S. market may lose ground amid a potential decline in liquidity.
But others remain undeterred.
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"The Fed will be supplying fewer reserves [and] will be less accommodative than it has been, but it will still be aggressively accommodative by historical standards," said Dennis Gartman, the editor and publisher of The Gartman Letter.
"They're not taking any money out of the system. They're simply putting less money into the system," he told CNBC. "The economy itself is doing very well," he noted.
In the third quarter, the U.S. economy grew 3.6 percent from a year earlier, according to data from the Commerce Department.