S&P Still to End Year Above 1,500: Tony Dwyer
Online Producer
There are plenty of factors setting up for stronger profits next year, Canaccord Genuity Chief Equity Strategist Tony Dwyer said Thursday on CNBC.
On "Fast Money," Dwyer backed off his year-end S&P 500 targets of 1,575 for 2012, saying "it might be a little tough at this point" but still expected it to close above 1,500. "Frankly, the 1,650 for 2013 I think is conservative, but it's also front-end loaded."
Dwyer remained bullish for 2013 taking into account several factors.
"As we were in 2012, we had a sharp slowdown in China coming. We had a severe recession in southern Europe developing. We had another European debt crisis in the summer. Plus, we had the election and the 'fiscal cliff' oncoming, so with that we still got over 2 percent growth," he said.
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"So even with some kind of drag from higher taxes and spending into next year, without a lot of those severe headwinds, I just don't see how with a coordinated global monetary easing policy from the central banks, how you're going to have a worser economy next year and therefore lower profits."
Written by Bruno J. Navarro, CNBC.com Producer.
Trader disclosure: On Nov. 29, 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 AAPL; Jon Najarian is long JPM; Jon Najarian is long FB; Jon Najarian is long GOOG; Jon Najarian is long TJX; Jon Najarian is long JCP; Jon Najarian is long EXPE; Jon Najarian is long MA; Jon Najarian is long YUM; Jon Najarian is long RGR; Jon Najarian is long GT; Jon Najarian is long STSI; Jon Najarian is long GLUU; Jon Najarian is long CME; Jon Najarian is long CBOE; Mike Murphy is long AAPL; Mike Murphy is long BAC; Mike Murphy is long TGT; Josh Brown is long AAPL; Josh Brown is long WFC; Josh Brown is long GDX; Josh Brown is long GLD; Josh Brown is long XLU; Josh Brown is long WMT; Josh Brown is long TGT; Josh Brown is long V; Josh Brown is long MA; Joe Terranova is long VRTS; Joe Terranova is long TJX; Joe Terranova is long AAPL; Joe Terranova is long SWN; Joe Terranova is long GLW; Joe Terranova is long DELL; Joe Terranova is long VZ; Joe Terranova is long XOM; Dennis Gartman is long Gold in Yen Terms.
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