Since the March 2009 lows the S&P500 has rallied 175%, its been over 2 years with a 10% correction in the market. David Bianco- Now Has The Most Cautious Outlook For Stocks >LINK
Most are looking for a correction, 2013 saw a 32.15% gain in the S&P500. As we started out 2014, the first five days are not bullish, now we need to see how the month goes. ITZ looks at years where the S&P500 closed +30% and how the following year performed. From 1928 to date... there were 11 years that the S&P500 closed up 30% or more. The average gain was 37.63% while the following year's performance averaged +9.2%. If that's applied to 2013's +32.15%, should give the S&P a 7.86% gain or place the SPX @ 1994.
December 30th Post :Link
ITZ also takes a look at several other sentiment indicators: