From my WSJ. "History seems to support the idea that 2014 will be less historic than 2013. Since 1927, there have been 23 years in which the S&P 500 has risen 20% or more, according to Birinyi Associates. It averaged a further gain of 6.4% in the next year. That is only slightly better than the 5.5% gain the S&P averaged for all years since 1927." Here comes the good part. "On only one of those 23 occasions of 20% plus annual gains did the S&P improve its performance in the following year. In 1997 it rose 31% after a 20% gain in 1996. It rose again in 1998 by 27%, and in 1999, by 20%. Those were the days. The S&P 500 has been known to decline in the year after a 20% gain. That has happened eight times. Six times it put in another 20% gain. It is possible that 2014 will be another year like 1997 and stocks will rise even faster than in 2013." Lordy, if it does the dollars will pile higher than any manure pile I've ever seen.
