TPC - earnings season will be good
ADash - return to normal, ie: lower profit margins, but greater overall earnings.  +1 point on P/E multiple. 
Bespoke - DOW hasn't had a down day of more than 1% since before Thanksgiving, and the most recent largest down day was -.32%.  Over last 50 years this has only happened 3 times.
http://advisorperspectives.com/newsletters11/pdfs/Whats_Past_is_Prologue.pdf

• One important lesson from history is that another lost decade is unlikely. Since 1825 there has never been a case where returns have hovered in the 0% range for two sequential decades (see Appendix I). On the other hand, a roaring bull market is improbable unless investors lapse into another manic state. Today’s market valuations are simply not low enough to fuel a prolonged period of double-digit returns. Asset bubbles will occur – they always do – but are likely to be concentrated in specific assets (e.g. precious metals and commodities) and specific markets (e.g. emerging economies).

  
http://advisorperspectives.com/newsletters11/pdfs/The_Wages_of_Growth.pdf

• Consensus 2011 GDP estimates are now in the 3.5-4.0 percent range, a sharp increase from the 2-2.5 percent range that dominated discussion earlier in 2010. The revised estimates are likely correct, but like many statistics they fail to tell the entire story. Such growth will only be achieved with a fiscal 2011deficit of approximately 9.5 percent of GDP, which follows deficits of 8.9 percent of GDP in fiscal 2010 and 10 percent of GDP in fiscal 2010. It is safe to say that 2011 GDP growth would be nowhere near 3.5 percent if the U.S. government were not running its budget on steroids.
• This is why it is important to see when stimulus by government begins to subside and economy can generate self-sustaining growth. 
• This is hardly surprising, but it is clear that demand is rising in emerging countries faster than it is falling in developed countries. Coupled with the apparent decline in currently producing fields and the lag in production, prices are likely headed higher in the years ahead. This renders the stocks of many oil companies attractive. HCM in particular likes British Petroleum plc (BP), Exxon Mobil Corp. (XOM) and Chevron Corp. (CVX). For investors with a high tolerance for risk (and the patience to pour through complicated financial statements) and a desire for exposure to natural gas, HCM also likes Chesapeake Energy Corp. (CHK).