The bulls forget there were two corrections in 2012 despite it being the best year for equity averages since 2009.
Energy continues its ascent while gold and silver capitulate. A sharp bounce for the losers may be in the cards.
The sector is catching up to the industrial trade, which has been fairly strong over the past couple of months.
Risk-on has certainly been the right call exiting last year and entering this one despite the fiscal cliff noise.
Investment in cyclicals and emerging markets indicates big money has not been afraid of risk.
The market re-evaluated its bearishness on the alternative-energy space once Obama got re-elected.
Outside of the "fiscal cliff," the action in Europe tops investor watch lists.
The market is bad and getting worse.
Money is optimistic for a near-term breakout in Chinese equities.
An overseas recovery is likely to disproportionately benefits coal to natural gas.