Stocks Party, But Will There Be a Hangover Tomorrow?
But he does expect the S&P to get back to 1300 to 1325 this year.
White said if the market latches onto a catalyst, it could get to 1300 or better, and earnings could help. "I think we're going to, in a very volatile way, drift higher through the end of the year. I don't think 1370 on the S&P is going to be the high for the year. That said, we've come a long way quickly and we're probably in need here of a little bit of consolidation," White said. He said the near term hurdle for markets will be next week's economic data—the October employment report and ISM manufacturing data, as well as the Fed meeting midweek.
White said the market should continue its move higher until mid November, when it focuses on the Super Committee but could resume its rise in December. "The technicals are beginning to look better. We just busted through the 150-day moving average  and the 200-day , which is the key one," he said. The S&P was holding above that level at midday.
Paulsen said he thinks the market may be going a little too far, too quickly but he still thinks its possible the S&P could hit 1400 by yearend. "I think we're at least going to go back and get to the old cycle highs...I still think there's a possibility for 1400, and that's going to depend if that data comes through on Main Street," he said.
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