+------------------------------------------------------------------------------+
S&P 500, Stoxx 600 to Undergo Tactical Correction in 1Q: UBS 2014-01-07 12:14:13.94 GMT
By Francesca Cinelli Jan. 7 (Bloomberg) -- Technical analysts Michael Riesner and Marc Mueller expect weak start into 2014 with risk of 5% to 10% correction into deeper 1Q bottom for S&P 500 (1,730) as basis for last tactical buying opportunity and final bull wave into summer (1,920 -1,970 target zone). * Say potential summer top may be followed by several months lasting distribution before starting real correction into later 2014 and into 1H2015 * In potential cyclical bear mkt into 1H2015 see risk of 20% to 30% correction, which should send SPX minimum down to 1,570 (last major breakout level in SPX) * In Europe, 1Q correction to be followed by potential summer top at 350 for Stoxx 600, and 10,600 for DAX * In periphery expect more gains into summer; say Portugal currently big outperformer, could surprise into summer
For Related News and Information: First Word scrolling panel: {FIRST<GO>} First Word newswire: {NH BFW<GO>}
To contact the editor responsible for this story: Francesca Cinelli at +39-02-80644-252 or fcinelli@bloomberg.net