January has been gangbusters for stocks, giving us a good reason to look at a bigger picture than usual. With Europe sinking into a deep recession that has now engulfed Germany, and U.S. corporate earnings presumably past an important peak and consumer confidence plummeting, we were surprised to find some compelling rally targets for the broad averages that lie well above current levels. There were no juicy trades to be found during this hour, but even a lack of opportunity held its lessons.
