CNN: Stocks 'need to be corrected'
When it comes to keeping New Year's resolutions, the bulls on Wall Street have outdone themselves.
The S&P 500 was supposed to finish the year at 1,490, according to CNNMoney's survey of more than 30 investment strategists in December. After a big move in January, it's already firmly above 1,500.
The S&P 500 was supposed to finish the year at 1,490, according to CNNMoney's survey of more than 30 investment strategists in December. After a big move in January, it's already firmly above 1,500.
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But the bullish tone has already started to fade.
"We're certainly off to a great start," said Jack Ablin, chief investment officer at BMO Private Bank. "But we may have gotten a little ahead of ourselves."
Most don't expect a textbook stock market correction, when major gauges drop 10% from their most recent highs. But a pause or pullback of some sort is increasingly likely.
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