Some analysts are arguing that gridlock in Congress would provide equities with some room to run higher. But Singer isn't expecting the same results in the new year.

"In the past, there is a lot of statistical evidence that says gridlock is good," he says. "I question whether gridlock is going to be as good at a time when there is more of a sense of urgency brought on by the financial crisis."

-- Written by Robert Holmes in Boston.

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