Granite Group’s forecast of up a strong 15% for 2013 turned out to be not bullish enough, but we should all be happy none the less. We were correct about the slow growth, but were wrong on how the markets would anticipate any good news. The markets are no longer cheap, and we would expect a pullback sometime in January. We are not as bullish for 2014 because of the market’s current valuations. Granite Group is looking for the S&P to reach around 1900. That is not a lot of upside from here, so expect the volatility to continue, and let’s hope we are not bullish enough again.
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