NEW YORK ( TheStreet) -- The solid start for U.S. equities in 2013 is surprising given overvalued fundaments. Even with this near term market strength, my theme for 2013 remains that stocks are a risky asset class. If the Dow Jones Industrial Average ends this week above my quarterly risky level at 13,668 the upside technical momentum continues as stocks become even more overvalued fundamentally and more overbought technically.A warning that stocks have achieved significant highs requires the Dow transportation average to have a weekly close below its annual pivot at 5469. This is highly unlikely to occur today, as Thursday's close was the third consecutive all-time high.
Pivots Still at Play in January
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