A Fickle Start
The start to 2014 has been a far cry from the start of 2013 from the prospective of market performance. The 2013 January start felt like the starting line of a sprint as investors immediately seized on every bit of data as a reason to propel the market upwards where as the start of 2014 has been different. For the year (all be it only 17 days into 2014) the market has barely moved with the S&P 500 down 0.52% and the NASDAQ up 0.50%. What’s the driver this year and what should we look for as investors going forward? Market players are suggesting that the “easy” money that is in the market has been made with the run up in prices over the last several years and now the real test for the market begins. The mantra that currently resonates within the investment world (and what is needed to be seen to justify putting more money to work in stocks) is growth in corporate earnings.