Pimco's Bill Gross and BlackRock's Larry Fink were on the same side this past week, both warning that the markets look a bit bubbly. But market analysts expected to see continued gains into the end of the year, even with the S&P 500 up 23.5 percent year-to-date.
Bob Doll, chief U.S. equity strategist at Nuveen Asset Management, said he sees stocks continuing to rise as long as the Fed continues to ease.
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"They will start tapering when the economy permits them to taper. It's more about conditions than the time frame," he said. "As an equity investor, if the economy doesn't strengthen I'm going to have the Fed helping me along."
He said paring back the $85 billion bond purchase program should not hurt the market since the economy should be improving when the Fed takes that step. Expectations for when the Fed will slow its bond purchases have flip-flopped. Many Fed watchers had expected the central bank to move in March or later, but its statement this week now has some expecting a December timetable.
As for the stock market, "It's looking a little tired, time for a rest, but a rest in a bull market is probably sideways for a while," Doll said. "I'm not even sure we're going to get a pullback. The near-term and long-term direction of the market remains up. Pullbacks worth playing usually come from monetary tightening, rising oil prices or geopolitical events."
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Doll said the market can rise but it will not take off significantly until there is evidence of real earnings and revenue growth. "I think the driver in stocks has been more P/Es than it's been earnings, and P/Es have come up courtesy of crossing out some of the uncertainty and central banks," he said.
The S&P's price to earnings ratio has moved above the average 15.8 level, above 16, but Doll said that is not a concern yet. "To me, it's all about, tell me what corporate earnings are going to look like in 2014…but nobody knows the answer to that," he said.
A number of analysts have been warning that earnings expectations appear too high for 2014, and that could cause problems for the market at some point next year.
Doll said the Twitter initial public offering is important for the market. Twitter prices Wednesday and starts trading Thursday on the New York Stock Exchange. The offering is indicated to price between $17 and $20, and some analysts are already setting price targets way higher.
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Twitter is taking a more conservative approach than social media rival Facebook when it came to market last year. Facebook's offering was surrounded by hype and its stock traded below its offer price for months.
"The market conditions are much more conducive for this IPO for sure, but the pricing is very different too. They're not trying to get every nickel out of this that they can," Doll said. "The management of Twitter is very aware of that. Leave some of it. Don't take it all. It will help you in the long run."
What to Watch
Earnings: Kellogg, Sysco, Anadarko, Marathon Oil, Plains All American, Vulcan Materials, Ryan Air
10 am Durable goods, factory orders
11:40 am Fed Gov. Jerome Powell
4 pm Boston Fed President Eric Rosengren
9 pm Dallas Fed President Richard Fisher
Earnings: DirecTV, Nissan, Delphi Automotive, Michael Kors, Liberty Media, Tesla Motors, AOL, CVS Caremark, Becton Dickinson, T-Mobile, Intercontinental Exchange, Host Hotels, HCA, Liberty Interactive, Zillow, Live Nation, Sturm Roger, 21st Century Fox, Och-Ziff, Red Robin Gourmet Burgers, Rowan Cos
10 am ISM non-manufacturing
Noon Richmond Fed President Jeffrey Lacker
Twitter IPO prices
Earnings: Toyota Motors, Ralph Lauren, Time Warner, Whole Foods, CBS, Icahn Enterprises, Chesapeake Energy, Activision Blizzard, Mondelez International, Prudential Financial, Transocean, ING U.S., Marsh and McLennan, Molson Coors, Humana, Hospira, Holly Frontier, Qualcomm, Vale, Solera, Carlyle Group, Duke Energy
7 am Mortgage applications
7:30 am Challenger layoffs
10 am Leading indicators (September)
10:30 am Oil inventories
Earnings: Disney, Priceline.com, Groupon, AMC Networks, Wendy's, Scripps Networks, International Game Tech, Arcelor Mittal, Apache, Beazer Homes, Nvidia, Sprouts Farmers Market, CareFusion, Great Plains Energy, Annie's
8:30 am Jobless claims, Real GDP Q3
8:30 am Productivity and costs
1:50 pm Fed Gov. Jeremy Stein
Earnings: Brookfield Asset Management, Nippon Telegraph, Leap Wireless, Aqua America, Covidien, Nippon Telegraph, Telefonica, Tesoro Logistics
8:30 am Employment report (October), personal income and spending (September)
9:55 am University of Michigan consumer sentiment
Noon Atlanta Fed President Dennis Lockhart
3:30 pm Fed Chairman Ben Bernanke on panel with Larry Summers, Stanley Fischer, Kenneth Rogoff at IMF conference
4 pm San Francisco Fed President John Williams
—By CNBC's Patti Domm. Follow here on Twitter @pattidomm.