Momentum of newsflow is likely to drive 2004 trading in the UK equity markets, even though stocks still look expensive, says Stuart Fowler, manager of the Axa UK Opportunities fund.
Investors who enjoyed the giddy heights of share price performance last year must now decide whether to put more money in or take profits as the market slides sideways - if that is what is now happening.
When Swiss bank UBS stuck its neck out in the last quarter of 2003 to declare the Bear market was officially over, more than a few sniggers were heard around the City.