The bulls ended the year with a bang as the last trading day of 2013 produced more all-time closing highs. Much of Tuesday’s talk was about a 5% pullback with most of the slick-talking pros begging for a 10% spanking. Be careful what you wish for and we wonder what they are going to say if there is a 20% pullback. It is still too early to say if and when a correction is coming but January will provide a lot of clues on how the rest of the year will play out.
The final numbers for 2013 were impressive and we will cover them over the weekend but let’s look at where the indexes finished up and where they could be headed over the near-term. (continued…)