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A 'Day of Reckoning' Coming for S&P 500: Market Pro

After breaking through the 1,115 resistance level Tuesday, the S&P 500 will rise toward 1,135 over the next few days, said Uri Landesman, head of Global Growth at ING Investment Management.

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Landesman then expects the index to hit 1,175 in early January—at which point chaos will ensue.

"When we get to 1,175, I think a day of reckoning comes," he said.

But Joseph Keating, chief investment officer of private asset management at RBC Bank, said he expects the recovery to continue gradually in 2010. He sees the S&P at 1,300 through the next year.

He said we are in the earnings-driven phase of the bull market, and as companies report growth in the new year, the markets will continue to tick upward.

"[It] doesn't mean we can't see a correction—we haven't had a 10 percent correction yet—but I think if we get one, I think that's a real buying opportunity," Keating said.

Keating isn't worried about the rise in the 10-year Treasury yield, because yields may currently be too low, he said. He doesn't think the economy will be derailed if the 10-year yield rises to 4 percent, but if it goes much higher than that—which he thinks is unlikely—it could hinder a recovery.

"You need increases in wages for a generalized increase in inflation to take place in the economy," he said.

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Disclosure information was not available for Landesman, Keating or their companies.