The beginning of fall typically brings buying opportunities for investors in the form of market corrections, but market bull Ed Yardeni still has a 5,000 target on the S & P 500 by the end of the year – "or sooner," he told CNBC on Friday. "I have to these days say 'or sooner' because every time I put out a bullish target the bulls stampede all over my back, and they get there a lot sooner because earnings have been so strong," he told CNBC's " Squawk Box. " More than 80% of S & P 500 companies beat their second-quarter earnings estimates, according to FactSet, making it one of the most successful earnings seasons in recent years. Timing market opportunities is tricky business, Yardeni added, saying he tries to steer clear of trying to time them. "The problem with trying to time a correction is you've got to get out right before it happens and then you've got to figure out to get back in at the bottom," he said. "Some people can get both, but to a large extent, it's a very tough call... I don't try to time corrections but when they happen, I hope people use that as an opportunity to buy some more." Yardeni also said he himself would continue buying but highlighted the fact that it's "not early in the market, for sure." "The market has doubled since March 23 of last year , so it's not going to double again anytime soon and I could consolidate for a while, instead of having a correction," he said. Yardeni also said he thinks the Federal Reserve will keep interest rates low, and that because investors have been well prepared for tapering, he doesn't think there will be a taper tantrum, referring to the panic that spread the last time the Fed began reducing the pace of its asset purchases in 2013. The big question is when the central bank will start, he said. "Will they finally pull the trigger and do it before the end of the year? I think they will," Yardeni said. "Fed officials realize that they've got to get tapering started so that they can finish it by the middle of next year, in the event that they're wrong about inflation, [that] inflation is more of a problem and they have to raise interest rates."
Scott Mlyn | CNBC
The beginning of fall typically brings buying opportunities for investors in the form of market corrections, but market bull Ed Yardeni still has a 5,000 target on the S&P 500 by the end of the year – "or sooner," he told CNBC on Friday.