S&P to rise another 100 points: Strategist

Wednesday, 23 Oct 2013 | 8:12 PM ET
S&P to rise another 100 points: Strategist
Stocks have been shrugging off bad news, which is a bullish sign for the market, Piper Jaffray Senior Technical Strategist Craig Johnson says.

The case for a continued bull market in stocks appears stronger than many would believe, Piper Jaffray Senior Technical Strategist Craig Johnson said Wednesday.

Setbacks that would've normally sent equities lower, including the Washington, D.C., budget battle and rising interest rates continue have had seemingly little lasting effect on the market, he said. "When stocks rise in the face of bad news, that's very bullish."

On CNBC's "Fast Money," Johnson said that the S&P 500 could easily close out the year at 1,800 and hit 2,000 in 2014.

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Johnson also said that the chart of gold vs. the S&P 500 showed a bullish move in "the uptrend support line" for stocks.

"Equities are outperforming gold, which I think is an important message," he added.

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Leading sectors include industrials, consumer cyclicals and technology, Johnson said, noting that traditionally defensive plays – energy, basic materials and utilities – have lagged.

"And I think that's going to continue," he said.

By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro. CNBC's Michael Newberg contributed research to this report. Follow him on Twitter: @MikeNewberg.

Trader disclosure: On Oct. 23, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long JPM; Karen Finerman is long GOOG; Karen Finerman is long M; Karen Finerman is short CAT and long put spreads; Karen Finerman is long CVS; Karen Finerman is long SPY; Karen Finerman is long MDY; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long MSFT; Guy Adami is long AGU; Guy Adami is long NUE; Guy Adami is long BTU; Guy Adami's wife, Linda Snow, works at Merck; Brian Kelly is long natural gas; Brian Kelly is long treasury notes; Brian Kelly is long US Dollar; Brian Kelly is long Gold; Brian Kelly is short HYG; Brian Kelly is short PXD; Brian Kelly is short Canadian dollar; Stephanie Link is long AAPL; Stephanie Link is long JPM; Stephanie Link is long WFC; Stephanie Link is long CSCO; Stephanie Link is long FB; Stephanie Link is long JOY; Bob Wetenhall is long PHM; Bob Wetenhall is long KBH; Bob Wetenhall is long LEN; Bob Wetenhall is long MAS; Bob Wetenhall is long MHK; Bob Wetenhall is long FBHS ; Bob Wetenhall is long AWI ; Bob Wetenhall is long BECN ; Bob Wetenhall is long CX; Bob Wetenhall is long DHI ; Bob Wetenhall is long MLM; Bob Wetenhall is long OC; Bob Wetenhall is long USG; Bob Wetenhall is long VMC ; Bob Wetenhall is long TOL.

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