You shouldn't assume the market is wrong simply because of the long run. In fact I am very confident that there will only be minor corrections till we see another 1,000 DOW points higher.
We have been in these moves before, nothing unusual about it.
The earnings coming out, for the most part, are blowing away expectations. that bodes very well for the late January bulk of quarterly earnings reports.
There is no current hysteria and still a lot of skepticism. 2014 might turn out to be a down year, but I don't see it happening right away. In fact I expect to see continued improvement in employment, wages, and even housing. If that were to occur the 10 year note will break past 3 percent. How higher rates affect the market will be interesting. this all presupposes that the economy continues to improve.
SPX of 1818 or higher should be seen soon.
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