Outlook is more positive for 2013 as signs show 'fiscal cliff' bears could be wrong

Renewed confidence combined with secular economic growth represents 'a likely catalyst for the next multi-year bull market' notes the BMO Private Bank 2013 outlook for financial markets. Photo: Reuters

John Wasik

LET'S assume, for a moment, that the "fiscal cliff" bears are wrong. Underlying pending tax increases and more debt-ceiling battles is some fairly positive economic news.

Job growth surprisingly soared last month and US home prices in October posted their biggest increase in six years, according to CoreLogic. Factory orders also rose unexpectedly during the month. And the Federal Reserve's stimulus policy is keeping mortgage rates low.

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