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S&P to Hit 1300 by Year-End: Portfolio Manager
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CNBC.com Writer
Stocks pared their gains on Tuesday as worries about a drop in consumer confidence offset some better-than-expected earnings results. Ted Parrish, co-portfolio manager at Henssler Equity Fund, and Eugene Peroni, senior vice president and portfolio manager at Advisors Asset Management, shared their insights.
“It looks like it’s safe enough to be like ’93 to ‘95, where we had earnings growth that really wasn’t matched by the stock market performance and it set us up for a really good multi-year performance for the markets,” Parrish told CNBC.
“And the political backdrop is very similar as well,” he added.
Parrish said he is positive on the markets and expects the S&P 500 to hit 1,300 by year-end. His sector favorites include the industrial and technology sectors.
In the meantime, Peroni said technicals are looking “very good” and sees encouraging indications of more expansion into the medium- and smaller-cap names.
“The formations are of a cup-and-handle [chart] variety from a technical standpoint: formations that develop over a longer period of time and really speak to sustainable movements, rather than temporary knee-jerk reactions,” he explained.
Peroni likes the transports, especially the railroads. He also likes technology, IT, materials, metals and chemicals.
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Major Earnings This Week:
Aetna [AET
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Boeing [BA
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Comcast [CMCSA
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ConcoPhillips [COP
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Visa [V
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Disclosures:
No immediate information was available for Parrish or Peroni.
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Data is a real-time snapshot *Data is delayed at least 15 minutes
