My thoughts are that we're in a sideways market, and will stay there through 05. The earnings comparisons will get tougher through the last half of 04, and this will limit the upside. Interest rates will probably stay relatively low, and this will limit the downside. Having said this, Greenspan is trying to get rates a little higher, so he'll have some slack to lower them when the next downturn occurs. It's a fine line he's trying to follow.
Trading ranges aren't so bad, though. The overbought/oversold oscillators seem to work best in this environment.....