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Bull Market Enters Second Leg Up: Scott Wren

Friday, 19 Oct 2012 | 1:34 PM ET

Fundamental indicators suggest that the market is poised to grow significantly over the next 12 to 15 months, Scott Wren of Wells Fargo Advisors said Friday on CNBC.

"We're right in the middle of our year-end range. I'd thought we'd get one more opportunity to buy some stocks before the end of the year," he said. "Hopefully, we'll see a little more of a pull-back because if we do, we're going to be continuing to be encouraging our clients to take advantage of what's out there and what opportunities present themselves."

Wren's 2012 target for the S&P 500 was between 1,400 to 1,450. For 2013, it was between 1,525 to 1,575.

On "Fast Money," he downplayed the recent climate of weak earnings.

Bull Market Enters Second Leg Up
Scott Wren, Wells Fargo Advisors, says fundamentals appear favorable over the next 12-15 months.

"I think most strategists have expected the third quarter to be a lousy quarter for quite a while, and I think whether you're down a couple of percent or up a couple of percent, you're hovering around that zero line, so obviously there's some concern out there," he said.

"But really , the market's hanging in there even though we're trading off here today."

Wren saw opportunity in technology and materials.

"If you believe that China's growth is bottoming out in the 7 to 8 percent range, which we do, and that this emerging markets growth is going to continue and possibly accelerate, and likely accelerate, in 2013, you want to take advantage of these materials prices being down," he said.

In technology, Wren said that application software and semiconductor equipment held upside.

"In the work that we're doing in technology, those particular industry groups look pretty good," he said. "They look like outperformers."

Written by Bruno J. Navarro, CNBC.com Producer.

Trader disclosure: On Oct. 19, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Jon Najarian is long call spreads in GS; Jon Najarian is long call spreads in FB; Jon Najarian is long call spreads in RHI; Jon Najarian is long call spreads in MAN; Jon Najarian is long call spreads in DLTR; Jon Najarian is long GLUU; Jon Najarian is long STSI; Jon Najarian is long CME; Jon Najarian is long CBOE; Pete Najarian is long AAPL; Pete Najarian is long JPM CALLS; Pete Najarian is long WFC CALLS; Pete Najarian is long INTC CALLS; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Steve Grasso is long GOOG; Steve Grasso is long ACI; Steve Grasso is long AET; Steve Grasso is long ASTM; Steve Grasso is long AUO; Steve Grasso is long BA; Steve Grasso is long BTU; Steve Grasso is long CLF; Steve Grasso is long F; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long P; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is long WYNN.

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