With market indexes reaching new heights daily, some strategists say stocks could be heading straight into a buzz saw in 2014.
That's not to say the market will end next year lower, but several say whether it's the Fed tapering its bond buying or some other catalyst, stocks could have a bigger fall next year than the shallow 6 percent decline of earlier this year. And gains may also not be that great—single digits or low teens, versus this year's rich 20 percent-plus gains.
The Dow was trading in record territory Wednesday, after finishing Tuesday at 16,072.8, up 23 percent-year-to-date. The was also hovering at highs after closing at 1,802 Tuesday, and the Nasdaq continued to lift off past 4,000 after closing above that level Tuesday for the first time in 13 years. The Nasdaq is up 33 percent this year, and the small-cap Russell 2000, also at highs, has gained more than 33.5 percent for the year.