Birinyi Says S&P Set For Further Gains as Bears Capitulate

The Standard & Poor’s 500 Index is likely to gain further as bearish investors give up and start buying, according to Laszlo Birinyi, president of Birinyi Associates Inc. in Westport, Connecticut.

“They realize it isn’t working,” Birinyi, an equity trader for Salomon Brothers Inc. in the 1980s, said in a telephone interview. “The excuses of no volume and earnings aren’t going to be good — that’s not happening, and maybe it’s time to join the party.”

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