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Use Pullback as Buying Opportunity: Strategist

Published: Tuesday, 22 Feb 2011 | 11:22 AM ET

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By: JeeYeon Park
CNBC.com Writer

Stocks could continue rallying this year as long as the Middle East crisis doesn’t hinder the markets, said Michael McGervey, president of McGervey Wealth Management and David Hefty, CEO of Hefty Wealth Partners.

“As we enter the third year of the Fed bubble, a lot of people are talking about whether or not we’re going to hit a top,” Hefty told CNBC. “Our intermediate charts suggest that there’s a tremendous amount of momentum that’s pushing this market through the spring and summer.”

While Hefty’s next target on the S&P 500 is 1,440, he noted that today is going to be a pivotal day for the markets and if the index closes below 1,324, then the bet could be off.

In the meantime, McGervey said the S&P 500 could reach 1,560 by year-end.

“The developments we’ve had over the weekend in North Africa have brought in a lot of new risk into the equation and could present a temporary interruption and perhaps a minor correction of some sort, but the markets seem to have a long way to go and it seems to be a buying opportunity for many,” he said.

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