Despite stocks hitting record levels last week, one legendary investor thinks the S&P 500 will continue to climb toward 2,100 by the end of 2014.

Laszlo Birinyi, founder and president of Birinyi & Associates, said Monday on CNBC's "Halftime Report," that it wasn't too late for investors to get in.

"There are no bargains right now. There are no good deals. It's like 3 p.m. on Black Friday at Wal-Mart," he said. "But there are opportunities that will present themselves. For example, airlines were down on Wednesday so we bought some."

Now, he added, it was time to trim the fat.

"I would be pruning my portfolio. I would be going through, looking for things that joined the party just because there was a party going on," he said. "Primary among these would be IBM."

Birinyi sold out of his position in IBM shares.

As for other tech names, Birinyi said he was holding such stocks as Intel, Microsoft and Apple.

"We still own them. And one of the things I'm strongly advising is: Don't sell your winners," he said. "The biggest mistake I've made in the last two, three years is selling stocks that have fully appreciated and found out that—whoops."

Birinyi also downplayed the notion of a market correction.

"Corrections are a function of events. Corrections are a function of downgrading of U.S. debt, Russian debt crisis, long-term capital. They're not organic, and so therefore you cannot predict corrections," he said. "And to me, there's too many people walking around saying it's going to rain. I want to listen to somebody who doesn't want to sell me an umbrella. That's the person I would listen to."

In his previous appearance on May 16, Birinyi called for the S&P to end the June quarter above 1,900 and selected Restoration Hardware as a top pick. The stock has since gained 40 percent.

Read MoreIt's still a bull market for stocks: Laszlo Birinyi

"We continue to hold it," he said. "I wouldn't buy it here."

— By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.