“Election Day is in the rearview mirror, but the aftershocks will reverberate in the market for years. There is a threat of recession, yet if a deal can be struck averting the “fiscal cliff,” it would pave the way for respectable returns in 2013 and 2014. “Rational minds believe something will get done, but I’m just not sure how many rational minds there are inWashington,” quips Charles Schwab chief strategist Liz Ann Sonders.
Thus, caution is the mantra on Wall Street. Most agree that the housing recovery is real. Housing has been a huge winner in 2012, but it’s still early–new housing starts have rebounded to more than 800,000 at an annualized rate, well below a peak rate of more than 2 million. The SPDR S&P Homebuilders ETF is up 50% in the last 12 months….”
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