Gabelli Sees Opportunities After Pullback (AAPL, GOOG, SPX)

Mario Gabelli, head of Gabelli Asset Management Company Investors (GAMCO), told Bloomberg today he sees opportunities in technology after the recent pullback in the equity markets. GAMCO sees records earnings growth fueling the market this year, which could push the S&P 500 (SPX) to 1,300.

GAMCO likes Apple Inc. (NASDAQ: AAPL) and Google Inc. (GOOG) and believes companies will spend more on computer equipment to match demand as the economy rebounds. The firm believes the bull market may take a pause, but it is not yet over. They are getting more evidence that the economy "is beginning to kick into gear", which will be very good for stocks.

According to analysts' estimates compiled by Bloomberg, earnings for the S&P 500 will grow at the fastest rate in two decades, surging 61% from 2009 to $93.89 a share by 2011.