On CNBC's "Halftime Report," Birinyi said that too much has been made of the breakdown in small-cap stocks.
"The capitalization of the Russell 2000 is equal to the capitalization of six stocks in the S&P," he said, noting that names such as Oracle and Microsoft were up.
Social media names, too, were hardly a harbinger of a larger pullback, Birinyi said.
"If you take Facebook out of that group, the capitalization of the social media [sector] is $55 billion," he said. "The capitalization of Schlumberger is $120 billion. Schlumberger's up 10 percent."
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Birinyi said that he saw a continued bullish trend from stronger-than-forecast corporate earnings this quarter and the potential for retail investors who are sitting on the sidelines to get back in.
Headline risk, he added, was overemphasized.
"Haven't we been worried about the economy for the last four years? Haven't we missed a lot of these numbers?" he said. "And it's the first time in my long experience that I've seen economists tweak GDP. You know, for years, they would put out forecasts and that would be the forecast. Now, a retail sales number comes in—whoops, we're going to make it from 1.8 to 1.7 or 1.9."
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"I look at the history of the market, and I see the same recurring concerns, And I see the market sort of dismissing them one by one."
Among his best picks for investing was Restoration Hardware, which he said was an "interesting space" that moves beyond the traditional retailer. "And the stock's earnings have been strong," Birinyi added. "We're very happy with it."
Whirlpool, Birinyi said, was among his top stocks for trading.
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"It trades within a range," he said. "And we don't try to predict how high or how low, but as I watch the stock's action, I like it."
Disclosure: Birinyi holds positions in Restoration Hardware and Whirlpool but not Oracle, Microsoft, Facebook or Schlumberger.
—By CNBC's Bruno J. Navarro.