Stock market guru Laszlo Birinyi, president of Birinyi Associates, sees light at the end of the tunnel for stocks.

First, he says, the market has risen in five of the last seven sessions, despite continued negative news on the economic and corporate earnings fronts, he said in an interview with Bloomberg.

“We’re seeing several characteristics of a bottoming in the market,” Birinyi says.

“For example, the heaviest declines in bear markets come at the very end. In the last quartile of this bear market,” stocks registered 60 percent of their total declines, he points out.

The Standard & Poor’s 500 stock index has dropped 54 percent to 841.38 from its record high of Oct. 9, 2007.

“Volatility is high at the end of a bear market. We think the market has made a bottom,” Birinyi explains.

“That’s not to suggest that the market will run away from us, but at this point, we should be looking forward, not back. While the market may stumble and fumble, I don’t think we’re going back to 750 on the S&P 500.”

And what stocks should investors look to buy?

“Historically, large caps do well out of bear markets, because they can put a lot of money to work,” Birinyi says.

Birinyi isn’t the only one seeing bottom for stocks.

“You have companies reaching a point where their shares really can’t go any lower,” Neil Hennessy, president of Hennessy Funds, told The Wall Street Journal.