Earnings have grown much more than stock prices. I would be a broad buyer of stocks for the next year.

There are a lot of gut-wrenching, earnings-driven disappointments that you have to wade through to be able to come out the other end,

What's important for investors to realize about the Dow is it's not just steel stocks and industrial-related stocks. There are growth stocks. There are financial, entertainment and industrial stocks. So when one sector isn't doing well, another sector may be doing well. And that's exactly what's propelling the Dow.

Many stocks have already built in good earnings. A stock like Goldman Sachs had a tremendous run over the last two or three months, so my sense would be you'll have a 'sell on good news' for a lot of these financial stocks that have rallied.

Earnings (for financial stocks) are going to outpace the S&P 500 in the second half of this year,

Signs of economic recovery continue to boost investor sentiment on stocks. Earnings at exporters will continue to grow next year.