“I think we could easily go through the 1,450 and then after the election, after the ‘fiscal cliff’ issues are dealt with, what I think we’re going to find is that the market will then pause and ponder again until we break out into the new year,” he said.
(Read More: Bears Getting Ready to Rumble: Pro)
The so-called “fiscal cliff” would trigger automatic federal spending cuts.
Stoltzfus said that his top sector picks were materials, energy, financials and consumer discretionary.
“I’m looking ahead for growth to reassert itself when we get into next year, so I’m going to want to buy these areas on weakness right here. I don’t want to chase them later on,” he said. “I think materials looks like a good play for 2013. We’re going to see China will add plenty of support for its economy, add liquidity, stimulus. Europe is going to keep progressing, and the U.S. will prosper.”
Trader disclosure: On Oct. 11, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s “Fast Money” were owned by the “Fast Money” traders: Josh Brown is long AAPL; Josh Brown is long JPM; Josh Brown is long WFC; Josh Brown is long GDX; Josh Brown is long GLD; Josh Brown is long XLU; Josh Brown is long TLT; Josh Brown is long WMT; Josh Brown is long TGT; Josh Brown is long MRK; Stephen Weiss is long BAC; Stephen Weiss is long AIG; Stephen Weiss is long QCOM; Stephen Weiss is short RIO; Stephen Weiss is short CAT; Stephen Weiss is short AKS; Stephen Weiss is short AAPL Puts; Stephanie Link is long AAPL; Stephanie Link is long JPM; Stephanie Link is long WFC; Stephanie Link is long SBUX; Stephanie Link is long BMY; Mike Murphy is long AAPL; Mike Murphy is long WFC; Mike Murphy is long TGT; Mike Murphy is long S; Mike Murphy is long PFE;
For John Stoltzfus
Nothing to Disclose.
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