A single-digit percentage gain looks more likely this year. We had a great '03, a great '04 and a great '05. I think we're due for a pause at some point. |
Technology is now out of favor. People are rapidly concluding there is not a quick fix in store. |
The potential for additional gains for stocks is limited given that we've had such a good run-up. We've been telling people to pare back a bit and reduce equity holdings. |
This market needs a dose of good earnings expectations. It wants to hear, from companies, that prospects are improving because the fourth quarter is water under the bridge. |
We're doing a little better then the U.S. indices, which is nice to see. I wouldn't view this market as highly directional today, though. |