This column originally appeared on Real Money Pro at 7:31 a.m. EST on Jan. 9.NEW YORK ( Real Money) -- My general impression is that the consensus of both the technical crowd and the fundamental crowd is upbeat after the first week of trading in 2013. It is encouraging to technicians that the indices have held onto most of the gains following the fiscal cliff fiasco -- and there is the lame and random January indicator, which I personally give almost zero predictive ability. Fundamentalists see an upbeat backdrop as they cite improving economic momentum in the U.S., Europe and China. They throw out the first quarter of 2013 and talk about "cliff fatigue." Some even say it's OK if we end up without an agreement on spending and entitlement cuts. The bulls just want the government out of the way -- and it will be business as usual. From my perch, I disagree with both. The price charts are a picture of what has happened in the past and don't indicate with precision what will happen in the future. Fundamentally, too, as I described in my " 15 Surprises for 2013," there is less than meets the eye to the generally upbeat impression that momentum is gaining. I think it odd that few are incorporating the impact of the Jan. 1 tax hikes on personal consumption. And I believe the multiplier applied to those tax-rate hikes is being underestimated. Importantly, I don't think the bullish fundamentalists recognize the dependency and lack of sustainability in fiscal and monetary policy or that our budget is out of control and zero interest rates should not be considered a permanent condition. Important, to me, is that the outlook for corporate profits is weakening.
HOST // Robert Powell
Retirement Planning Event
More from Investing
'A Billion Pockets': Apple's Installed Base Is the Real Star of Its Service Push
Apple brought out some of Hollywood's heavy hitters to show off its new services offerings, which included Apple TV+, Apple TV Channels, Apple News+ and Apple Card. But for investors, the real draw may be Apple's 1.4 billion installed base.
Activist Funds Seek to Replace Bed Bath & Beyond Board: Report
Funds controlling about 5% of the retailer are preparing a proxy fight according to published report late Monday.
Nike Shares Active as Extortion Charges Brought Against Lawyer Michael Avenatti
Nike shares were active Monday after the U.S. Justice Department said it would charge controversial attorney Michael Avenatti with charges of extortion just minutes after he tweeted about exposing a "major high school basketball scandal" linked to the world's biggest sportswear company.
Apple Announces New Services in News, Games, TV and Payments
Apple announced a slew of new services offerings: Apple News+, Apple Arcade, Apple Card, Apple TV Channels and Apple TV+.