Bob Doll reviews a mixed week for markets: S&P 500 near record highs, sector rotation out of the U.S., strong corporate earnings, and buoyant liquidity supporting asset prices. Meanwhile, gold’s rally and stress at the long end of yield curves signal growing investor unease.

Tight credit spreads, flat income growth, and falling foreign demand for U.S. Treasuries increase the risk of a bond-market shock that could trigger a risk-off phase. The outlook remains cautiously optimistic but vigilant for catalysts that could prompt de-risking.

For a copy of this week's Doll's Deliberations click on the following link February 2 or go to www.crossmarkglobal.com for additional insight and investment solutions.