"Today was a little anti-climactic," he added. "I think this is just a classic 'Goldilocks' report. It's weak enough that it pushes back the tapering concerns, so it's positive from that perspective. But I think as long as the healing trend in the economy and corporate earnings continue – even though it is at a frustratingly slow pace – you get a little bit of P/E expansion, I think our target could be conservative at 1,780."
Young said that he expected 5 percent earnings growth for the first quarter of 2014, with the second quarter clocking in around the same level. He also forecasted 7 percent earnings growth in the third quarter and 10 percent in the fourth.
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"In the aggregate, we think you're going to see 6, 7, 8 percent growth in the second half," he said. "That is an acceleration from the mid-single digits in the first half."
Young added that his estimates were modest.
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"We look out to next year. The Street's at 12 percent," he said. "We think that's probably a bit high, but again that high single-digit rate of earnings growth, we think, is doable. We think most areas outside of China globally continue to heal and accelerate moving into next year, including, most notably, Europe."
Young noted that a 16 multiple on earnings of $115 would mean a targets "well north of 1,800" for the S&P 500.
"And you pair that with really dismal risk/reward in fixed income and most places, especially longer duration," he said. "Where else are you going to go with your money?"
— By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.
Trader disclosure: On Aug. 2, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Enis Tanner is long GS; Enis Tanner is long WMT; Enis Tanner is long UUP; Enis Tanner is long SPY PUTS; Stephen Weiss is long AIG; Stephen Weiss is long ETN; Stephen Weiss is long C; Stephen Weiss is long BAC; Jon Najarian is long AAPL; Jon Najarian is short puts GLD; Jon Najarian is long DIS; Jon Najarian is long LMT; Jon Najarian is long V; Jon Najarian is long TOL; Jon Najarian is long CVC; Jon Najarian is long HUN; Jon Najarian is long MAR; Jon Najarian is long OC; Jon Najarian is long MGM; Simon Baker is long AAPL ; Simon Baker is long WFC; Simon Baker is long SBUX; Simon Baker is long AMZN; Simon Baker is long VIAB; Simon Baker is long LNKD.