The Dow could reach 12,000 by March as “gloom and doom” creeps out of the market, Ben Lichtenstein, President of Tradersaudio.com, said on "Squawk Box."
“The fundamentals aren’t necessarily stacking up, but again I’m still really looking at 12,000.” Lichtenstein said. “I don’t know if we’re going to hold these levels, I don’t think we’re going to see all times highs necessarily, again the fundamentals are still very negative, but if we can start to turn this around a little bit, the stock market is going to roar right through some of those levels. Again, 9,500 is a major speed bump right now, get above that 12,000 is eminent.”
Although there is a bit of sideways trading currently going on in the market, 10,000 in the Dow is not far off, Lichtenstein said.
“I just feel like a lot of gloom and doom is out of the market right now,” he said. “When everybody is holding onto the 8,000 and below, you defiantly have to take the other side.”