Ebola or not, stocks may near highs: Pro

4 Stocks, 4 trades: P, UPS, F & PG
4 Stocks, 4 trades: P, UPS, F & PG   

Despite the first confirmed case of Ebola infection in New York, strong investor sentiment could send stocks toward all-time highs, Josh Brown of Ritholtz Wealth Management said Friday.

Brown noted that S&P 500 mini futures temporarily traded lower on news that a doctor who had worked with Ebola patients in West Africa was diagnosed with having the deadly virus.

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"You saw the S&P sell off about 50 basis points, and at the end of the day, we recovered from that even today," he said. "I don't know that the crowd is convinced that these Ebola headlines have any kind of staying power and that those dips shouldn't be bought.

A trader works on the floor of the New York Stock Exchange.
Getty Images
A trader works on the floor of the New York Stock Exchange.

"So far, they've been buying them. If that continues, large caps look phenomenal here. And there's no reason to think that they're not going to at least challenge those highs."

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Brown said on CNBC's "Halftime Report" that he wasn't expecting new all-time highs in the stock market.

"I think it's more likely than not that we've seen the highs for the year. I'd love to be wrong. I'm an asset allocator," he said. "But for me to get really bullish here with all the divergences that we've seen and now all of these leadership stocks breaking down one after another—Amazon just being the latest example—this is not the type of environment you really feel as though: A, you're getting a bargain, and B, things are on your side."

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