A stretch of 408 days without a fall in global stocks of 10% or more is the eighth longest period on record, which IG's Brenda Kelly says could mean markets are primed for a correction sooner rather than later.

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LONDON, ENGLAND, UNITED KINGDOM (JANUARY 21, 2014) (REUTERS - ACCESS ALL)

1. IG SENIOR MARKETS ANALYST, BRENDA KELLY, SAYING: (CONTINUES OVER REPORTER ASKING QUESTION)

REPORTER ASKERING QUESTION: 'Well, Brenda, that little tidbit today from SocGen, they do say though that such a long stretch without a correction doesn't necessarily mean one is imminent, but do you think one is?'

IG SENIOR MARKETS ANALYST, BRENDA KELLY: 'Well, I really wouldn't like to call it tough on the market, Jamie. But certainly the overriding bullish sentiment that's out there at the moment, I think 59% of bullish sentiment is quite an extreme. And you would be a little bit worried at this particular point if you were trying to get in as a retail investor because ultimately they are the last to really join the party. And I would be a little bit concerned that we could be well and truly overdue one. And to get into the market at this particular point in time just as the Fed are starting to taper back on their quantitative easing, I think we could be very well set for one - maybe not today, maybe not tomorrow, but soon.'

REPORTER: 'But soon. So what's driving this then? It seems to be that the bond market, the European bond market, tightening spreads and well-documented improvement in the periphery seems be driving this. Is that a fair assessment?'

KELLY: 'I think that's a fair assessment. I think some of the economic data coming out of the Eurozone has been reasonably good. We've seen some better data particularly coming out of the peripheral countries like Spain and of course Ireland got itself upgraded to investment status by Moody's just last Friday which has really led to an overall decline in bond yields particularly for the peripherals. But if you look at the actual spread there between, on the peripheral countries, between 150 and 180 basis points between that and the bonds, the 10-year bonds, there's probably a little bit more room for some spread played there from bond investors. But one has to question, particularly in light of some of the corporate data today, that the European growth picture is just not there - very anemic forecast from the ECB of 1.1% for this year. Now while they have said they might revise that upwards, a lot of the companies that reported today have stated that they don't expect to see anything good there for the next five years.'

REPORTER: 'And two companies that did report today, stocks on the move, Unilever and SABMiller. Talk us through them, if you can.'

KELLY: 'Well, Unilever were obviously giving us a slight pullback in September where they said that the strong Euro was affecting sales overseas. And of course the weaker emerging markets and their currencies were something to be watched. But ultimately it's the emerging markets that have saved them from the developed markets today and we did see a beating of expectations. Like-for-like sales coming in at 4% in the quarter- for about 1% in the quarter versus the 3.8% expected. And then SABMiller, again, it's the emerging markets that have pulled it out of its woes whereas the demand for beer in the Eurozone and Europe as a whole, UK and indeed the US has failed to meet expectations. I think we saw a 6% decline in profits there. So overall it does seem to be weighing on corporate earnings despite what you might hear from some of the policymakers.'