Robert Doll Market Quotations

Earnings are not bad, but they're just not as good as they have been. We've gotten so used to them being better than expected, and now that they've returned to normal, the market is struggling with that.

The bull market is in the process of maturing. We are not bearish, but we think volatility will pick up this year.

Depending on the degree to which earnings slow, the dollar declines, corporations and individuals put cash to work and a variety of other factors, we can envision a scenario where the markets decline and then rebound to finish the year in the black.