Jeremy Siegel: Dow 17,000 ‘Very, Very Attainable’

Investors looking to get back into the market in October could push the Dow Jones Industrial Average even higher, Wharton School finance professor Jeremy Siegel told CNBC on Monday.

“Going to the 15,000 level, which a few months ago people were very skeptical of that, we’re talking about the end of 2013. We only need to go up 10 percent from current levels. I’m not saying it’s a slam-dunk. Nothing’s a slam-dunk in the market. Odds are 3-to-2-to-1 on that,” he said on “Fast Money.”

Siegel, whose bullish prediction made headlines earlier this year, said Dow 17,000 was even more likely now.

“The 17,000, when I first gave the prediction late last March, I said it was a 50-50 proposition. But I think that that’s a goal that is very, very attainable given the market circumstances,” he said. “That’s what the statistics show, that there was almost a 50 percent chance on past historical valuations and periods that the market would reach that 17,000 by the end of next year.”

Since March 2009 lows, the S&P was up 116 percent, the Dow was up 107 percent and the Nasdaq was up 150 percent.

(Read More: Jeremy Siegel: Dow Could Hit 17,000 Next Year)

Siegel suggested that those who missed the stock market rally could provide another boost.

“When you take a look equity positions of a lot of money managers, they’re still underinvested in stocks. Remember the old saying, ‘Sell in May and go away’? It worked for two years. A lot of people did that,” he said. “They want to come in again in October, and they find themselves way behind the 8-ball given this summer rally.”

Trader disclosure: On Sept. 17, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Stephanie Link is long AAPL; Stephanie Link is long JPM; Stephanie Link is long WFC; Stephanie Link is long EBAY; Stephanie Link is long AIG; Joe Terranova is long VRTS; Joe Terranova is long WFM; Joe Terranova is long SWN; Joe Terranova is long AAPL; Joe Terranova is long TRV; Joe Terranova is long VZ; Joe Terranova is long VLO; Joe Terranova is long CSTR; Joe Terranova is long CHKP; Joe Terranova is long EMC; Joe Terranova is long NXPI; Joe Terranova is long AAPL SEPT. 655 PUTS; Joe Terranova is long AAPL SEPT. 640 PUTS; Mike Murphy is long WFC; Mike Murphy is long TGT; Mike Murphy is long FB; Mike Murphy is long EBAY; Josh Brown is long MRK; Josh Brown is long AAPL; Josh Brown is long RAX; Josh Brown is long LULU;

For Faisal Kahn
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Within the past 12 months, Citigroup Global Markets Inc. or its affiliates has acted as manager or co-manager of an offering of securities of PSX. ______________________________________________________
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