?No big breakout for stocks? in 2013, says analyst | Trading Desk ...

Don?t expect a?breakout? this year for the S&P 500.

That?s the latest forecast from Mary Ann Bartels, technical analyst for Bank of America Merrill Lynch.

Ms. Bartels said in a note to clients on Monday that while she expects stocks to remain strong in early 2013, the S&P 500 could see a 10-15% correction in the coming months. On top of that, Ms. Bartels believes that the stock market is in a secular bear market at the moment, limiting upside for S&P 500 stocks.

?Based on the secular trading range pattern ? the S&P 500 is not expected to break out until 2016,? she said.

Given the currently secular bear market, Ms. Bartels said that the S&P 500 would only be able to top out at its 2000-2007 highs of between 1550 and 1576 over the next few years.

However, Ms. Bartels recommends investors buy stocks during any pullbacks this year (including if her 10-15% correction forecast pans out). She said that the S&P 500 is in the late stages of its secular bear market, and that, based on data going back to 1928, the latter portions of secular bear markets tend to have softer pullbacks.

?We view any pullback in 2013 as the last major buying opportunity within the secular bear range,? Ms. Bartels said.

Source: http://business.financialpost.com/2013/01/14/no-big-breakout-for-stocks-in-2013-says-analyst/

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