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US Stocks Could See a Correction: Wien

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Published: Wednesday, 9 Jan 2013 | 10:21 AM ET
By:

Producer, CNBC's "Squawk Box"

Looking back at his top two 2012 Surprises, Wien nailed it.

(Watch Video: Wien's 2012 Market Surprises)

His No. 2 Surprise was "Earnings for American corporations continue to move higher driving the Standard & Poor's 500 above 1,400." The S&P closed last year at 1,426, rising 13 percent.

Wien's No. 1 Surprise for 2012 was "The extraction of oil and gas from shale and rock begins to be a game changer." U.S. Energy Information Administration said on Monday that a boom in shale oil production will raise domestic crude output by a fifth over the next decade. The EIA also expects that the United States will produce 7 percent more natural gas between 2010 and 2035 than previously projected.

By CNBC's Matthew J. Belvedere; Follow him on Twitter @Matt_SquawkCNBC

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The S&P 500 Index could drop 10 percent from current levels before recovering to end flat for 2013, said Blackstone Advisory Partners Vice Chairman Byron Wien.
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