"...At present, we believe that equity markets should continue to head unevenly higher over the next several months. Earnings expectations have been on an upward trend and the economic backdrop as a whole seems to be improving. Economic projections were weaker in the April to August period, stabilized in September and October and have since been moving higher. Our view is that global growth will continue to improve in 2011. There are a number of risks, including soverign debt issues, escalating inflation in China and the potential breakdown in global policy coordination, but our baseline scenario is for continued cyclical recovery. For stocks, this should present a supportive backdrop, and while we are likely to continue to see additional price pullbacks, we believe they should be viewed as part of a consolidation process in a market that is heading higher..."
Bob Doll is Chief Equity Strategist for Fundamental Equities at BlackRock, a premier provider of global investment management, risk management and advisory services.
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