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Yardeni Sees Stocks Going Sideways

Thursday, 27 Jun 2013 | 5:28 PM ET
Yardeni Sees Stocks Going Sideways
Thursday, 27 Jun 2013 | 5:07 PM ET
After the S&P 500 hit his year-end target earlier this year, Ed Yardeni of Yardeni Research says that stocks would stay flat for a while.

After the S&P 500 hit his year-end target earlier this year, Ed Yardeni of Yardeni Research said that stocks would likely stay flat through the rest of 2013.

"I think we're going to go sideways here," he said, noting that he had expected the S&P to reach 1,665.

Stocks closed near their highs Thursday, rallying for a third day on upbeat economic reports and comments from Federal Reserve policymakers.

(Read More: Stocks Log Best 3-Day Win Streak in Almost a Year, Dow Ends Above 15,000)

On CNBC's "Fast Money," Yardeni said that corporations were "chock full of cash" and would continue push stocks higher next year toward 1,900.

"Really what's driving the market is corporate cash flow, and if that blows up then the market's going to be in a bear market," he said.

Yardeni said that he preferred domestic plays to global ones, with his top sectors being consumer discretionary, financials, industrials and technology.

(Read More: Bargains in Commodities, Cyclicals: Pro)

"I think the stay-home theme leads me to the consumer in the U.S.," he added.

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