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possible dip in late jan/early feb. small run into spring and maybe the summer. then down once the dollar drops and the rate hikes take its toll on the economy. the fed currently has overshot on hikes, if they go to 4.75 as expected it'll only be worse. the yield curve already inverted, although it was a hump.
the fall could be nasty if certain events occur (crash a possibility), there's lots of risks right now. even the fed dropping rates by year end might not be enough to lift the market to positive for 06. recession a possibilty by year end/early 07.
russia, japan, canada and australia outperform the states. latin america, india and asia ex japan should post solid gains as well, but they all had good 05's and might lose some momentum.
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