Birinyi: Bull Market to Continue Onward & Upward

My six-month forecast is [that stocks will go] higher,” says Laszlo Birinyi, founder and president of Birinyi Associates, Inc. He has been a persistent bull in recent years, and has repeatedly been proven right.  In December 2008, he said the stock market had reached its low. In September 2011, he said the Greek debt crisis would not drag U.S. companies lower, after which the market quickly bottomed and began a climb resulting in a 14% gain for the year. This past summer, he predicted stocks would “come out OK” after the S&P fell into a correction.  The market gained 8.3% in October. Birinyi said he was optimistic because “when the market was down, I thought I knew why, and therefore I wasn’t nearly as concerned as if it would’ve gone down for no reason,” explaining, “if I understand it, the market does too, and they’ll react and respond accordingly.” Looking at the recent rebound and probable future, he says “As the market was coming back, I was very gratified by the names,” continuing, “when I see stocks like Amazon, Google, and MasterCard recovering, that to me is a lot more important than some average S&P 500 figure.”