2015 Is Coming

(1) Reassessing 2015. (2) Lower oil prices widely deemed to be a net positive for growth. (3) $1.5 trillion windfall. (4) Winners and losers by countries. (5) IMF raising US growth for 2015. (6) Better growth with lower inflation. (7) Bond yields and crude oil should stabilize, but the dollar could soar some more. (8) Fed’s “lift off” may be delayed or downsized. (9) Still targeting 2300 for S&P 500 in 2015. (10) Net earnings revisions down for Energy, up for Transportation. (11) Focus on overweight-rated S&P 500 Transportation.