Birinyi Still a Big Bull

Bullish strategist Laszlo Birinyi, who has said he expects the S&P 500 to rise to 2,100 over the next several years, isn’t deterred by the market’s recent day-to-day movements.

“We’re not going to get terribly concerned about the day-to-day squiggles,” Birinyi told MarketWatch. “One thing that has kept us in this market is that the bearish argument has not been based on solid foundations. When you have a market that begins like this market did, doubling in the first two years, those are not the kind of markets which are of limited duration and limited price.”

Birinyi is, however, focusing on some sectors over others. He’s not so high on consumer staples, which have outperformed the broader market so far this year. He is high on energy stocks, industrials, and certain tech stocks, like Google and Apple, that have strong investor sentiment. He also likes copper-related companies, with copper in demand in fast-growing emerging markets.