Courtesy of Benzinga.
Earlier on CNBC, market commentator Laszlo Birinyi gave his outlook for the market. Birinyi reiterated his call for 1700 on the S&P, saying that GDP growth could surprise people, and likening the current year to 1982.
Birinyi stated that it was good to pick individual stocks, as some of them can greatly outperform the broader index. Birinyi stated that Apple (NASDAQ: AAPL) was still largely trading at discount. Birinyi stated that many people have not considered a better economy, which is what stock movements are showing.
He stated that central bank intervention does not bother him, as markets continue to moving up despite the gloomy outlook many of these institutions have warned about.
Birinyi also noted that many defensive stocks and consumer staples have “fallen off the truck” this year.
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