We need a catalyst. On the downside, a big drop in jobs would do it. That would be a sign that the Fed has gone too far. On the upside it would be no more rate hikes, but that is not happening anytime soon given the rhetoric. If we muddle around here and the economy is stable (no credit issues) the action could be dull. Eventually earnings will start to catch up to valuations, but that would take most of the year. We really have not moved much in the last 9 mos. especially if you strip out the high from Aug and the low from Oct
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