AP

After hitting the 13,000 mark, which direction will the Dow Jones Industrial Average go? The answer depends on whether you ask David Tice, president of The Prudent Bear Fund, or Tony Dwyer, equity market strategist at FTN Midwest Securities. The analysts gave "Morning Call" viewers their opposing viewpoints.

Tice said forget a housing recovery: "the baton has been passed" -- and corporate lending is now the market's big fear. He warned CNBC's Mark Haines that huge leveraged M&A loans are "tomorrow's problems," and said "ignoring risk" has led to superheated global liquidity and asset inflation. Tice's conclusion: "The market is going to go down."

Dwyer said he "was on David's side" in the late 1990s, fearing "earnings that were mostly fake." But Dwyer sees "the opposite situation now," praising a slowing economy for moderating inflation and preventing a sudden, hard landing. He said, "The biggest mistake investors can make now" is leaving the stock market. Dwyer declared, "The next size is 15,000, not 14,000."

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