ANCHOR (OFF-CAMERA) ENGLISH SAYING:

So will the markets start to focus on that and start worrying again when they get to this nitty-gritty in terms of spending cuts?

ERICK MARONAK, CHIEF INVESTMENT OFFICER, VICTORY NEWBRIDGE CAPITAL MANAGEMENT (ENGLISH) SAYING:

I think so. But between now and then, what we have at work is there has been some compromise, very little achieved. We've averted a crisis, we have gotten some extensions of Bush tax cuts, we're going to see payroll tax go up a little bit, but the relief that the investors are feeling in terms of confidence and potentially consumer spending will be good for the markets. But between now and debt talks in two months, we'll have earnings seasons starting to brew and all eyes and ears will be on that.

ANCHOR (OFF-CAMERA) ENGLISH SAYING:

And the last quarter was not a good earnings season, so are expectations higher for the upcoming quarter?

ERICK MARONAK, CHIEF INVESTMENT OFFICER, VICTORY NEWBRIDGE CAPITAL MANAGEMENT (ENGLISH) SAYING:

I don't know that they're necessarily higher. In fact, what happened in the last earnings was they were revised downward. Earnings expectations were ratcheted down by analysts, guidance was tepid to weak and it reflected the current earnings season in which revenue was a lot less encouraging that many expected. I think the same thing will hold true this quarter. Fourth quarter will be largely in line on the earnings front, revenues might be a little light and guidance, I think, will be the weakest of the three. I think very few CEOs will feel compelled to stick their necks out and be all that optimistic for the rest of the year.

ANCHOR (OFF-CAMERA) ENGLISH SAYING:

Interesting because we kept hearing that all this uncertainty was due to the cliff. Right. So you know, we might not be over that. I have a question for you in terms of how the markets behaves. While these cliff talks were underway, we saw certain sector plays. Do you see any leadership rotation or any particular sectors that might outperform or underperform over the next couple of weeks now that we're in the New Year?

ERICK MARONAK, CHIEF INVESTMENT OFFICER, VICTORY NEWBRIDGE CAPITAL MANAGEMENT (ENGLISH) SAYING:

That's a good question and one especially at the beginning of the year that we'll think about quite a bit. I don't think there'll be a huge change related to the fiscal cliff necessarily. I think the much bigger picture, the global picture is what will come into play in terms of- well, what worked last year- what worked last year was to stay relatively close to home, be US-centric, because growth was slowing abroad, Europe was in recession, China was a big question mark but definitely slowing quite a bit. The US benefitted from that in the sense of lower commodity prices and that was good for the consumer. Housing bottomed and it actually improved quite a bit last year. So the question will be, will the same playbook apply this year or will we see a little bit of a reversal on that front? So I don't think that fiscal cliff will be that important overall. In two months, the question will be, well, what about that? But we do need to fix the tax structure here in the US.