‘Up, Up and Away’ for Stocks: Acampora
Forget the naysayers. The stock market still has gains ahead of it, Altaira Senior Managing Director Ralph Acampora said Tuesday.
"We've got a lot more to go on the upside," he said, even as stocks logged their fourth-straight session in positive territory, with the S&P 500 about 1 percent below its all-time closing high of 1,669.16 and the Nasdaq posting its best close since October 2000.
On CNBC's "Fast Money," Acampora was challenged by stock market bear Brian Kelly of Brian Kelly Capital, who had touted emerging markets as holding more potential ahead.
"The emerging markets got crushed," Acampora said, adding that it would be "months" for that trade to bottom out.
Acampora said that U.S. stocks were the best investment for the foreseeable future.
"And it's up, up and away," he added. "Buy high, it's going higher."
Acampora also predicted that the rally would last into the fall.
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"We made the low on June 24, and I think this is going to be just like last year," he said, adding that it would reach into September.
Acampora argued that the stock market had already discounted the possibility the Federal Reserve would begin to scale back its asset purchases.
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"Interest rates – guys, they're going up," he said, brushing off the headwinds of mortgages at 4½ percent. "Heck, I paid 8, 9 percent about 20 years ago in New York City."
Trader disclosure: On July 9, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Josh Brown is long AAPL; Josh Brown is long XLU; Josh Brown is long HAL; Josh Brown is long CVX; Josh Brown is long V; Anthony Scaramucci is long C; Anthony Scaramucci is long WFC; Anthony Scaramucci is long MSFT; Anthony Scaramucci is long GOOG; Brian Kelly is long US dollar; Brian Kelly is short BRITISH POUND; Brian Kelly is short COPPER.