I think the Dow will hold up fairly well. The stocks are much cheaper (than Nasdaq issues), and the supply-demand conditions in the businesses are much more positive.

The question is what catalyst will get it going. My guess is more signs of a stronger economy. That might be higher interest rates, but you may need that to get small caps going. They may improve as the bond (goes down).

I think divergence is the name of the game for the first half of the year.

There is substantial further advance looming now on the heels of this move. There are a couple of things that could show up down the road that we should keep our eye on.

People are questioning the underlying fundamentals of (technology stocks).

Investors tend not to have a big problem with split government because for many investors, the government that governs the least is the government that governs the best.