After lousy October, tailwinds blowing: Acampora

On Friday, stocks closed higher with investors shrugging off the attacks in Canada and Ebola fears and instead focusing on earnings from companies such as Microsoft and Procter & Gamble.

Influential pro investor, Ralph Acampora of Altaira, sees no reason for the rally to end. "October was its obnoxious self," he said, referencing the weakness that's often experienced during the month.

Ralph Acampora
Source: Ralph Acampora | Twitter
Ralph Acampora

However, with November about a week away, Acampora thinks fortune favors the bulls.

"We're going into a midterm election and historically after the election, that's a strong period," he said. "I think it looks good between now and year-end."

"And next year is the third year of the President's term. Historically that's a strong period too."

In addition to historical patterns, Acampora said the selloff last week was so sharp and severe that he thinks it provided a bullish wash out, in which so-called weak hands, exit the market.

On top of that, he cited an a dovish Fed as another tailwind; and added the stronger dollar, feared by so many traders, didn't hurt Caterpillar, which handily beat analyst estimates. That too, he felt was positive.

Read MoreCaterpillar blows doors off analyst estimates

"I think the Dow Jones industrial average and S&P 500 have enough muscle and momentum to go to new highs by the end of the year," Acampora added. "Maybe 5-10 percent from current levels."

Carter Worth of Sterne Agee didn't agree. He said, the market had bounced back too quickly for him to feel as if the threat of a correction was over.

"I wish we had gone down more, to really reset valuations," he said. "We bounced so quickly we haven't allowed the market to engage in true price discovery. All that's happened is, we've returned to a difficult level. I suspect more selling is to come."