S&P Will Fall to 1040 if it Doesn't Break This Level: Strategist

Stocks pushed higher on Monday, following encouraging reports from new home sales and a positive outlook from FedEx. Will stocks continue the trend through the week? Uri Landesman, president of Platinum Partners, discussed his insights.

“It’s a real key level here—there’s a lot of resistance at 1,110 on the S&P,” Landesman told CNBC. “If we can break through that earlier in the week, we can go to 1,115.”

“I think that there’s probably a better than 50 percent chance that we do break through the upside—earnings have been strong,” he said.

But Landesman warned that if the S&P fails to break through the resistance level, then it can plunge to 1,040.

He said he expects the second half of the year to end significantly higher. He favors the biotech, energy and technology sectors.

Scorecard—What He Said:

  • Landesman's Previous Appearance on CNBC (Jun. 28, 2010)

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Disclosures:

No immediate information was available for Landesman or his firm.

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