The U.S. stock market has proven to be adept at navigating some exceedingly challenging headlines over the past four years. Yet even now, under choppy conditions, the market’s direction is aligned with the bulls.
Based on the technical qualities of the market’s advance so far this year, the market’s risk/reward ratio remains attractive both short- and longer-term. I see the Dow Jones Industrial Average DJIA +0.56% ending 2013 at between 14,750 and 15,100; by the time this cycle ends in 2015, the Dow will be at 18,000.
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