CNBC Is this market headed for a correction?

On Monday, Pimco’s Mohamed El-Erian wrote in a note that investors should be cautious in the face of the recent rally, arguing the market has been buoyed by central bank policy. ( See: El-Erian: Perspective on Dow 14,000 ) His better-known colleague Bill Gross has been tweeting his skepticism about the Fed, suggesting that investors might want Italian bonds rather than U.S. stocks. See: PIMCO’s Gross says buy Italian bonds

Reuters

Meanwhile, Jim Shepherd of the Shepherd Investment Strategist newsletter – who tends to be bearish during the best of times – said on my show recently that the Federal Reserve has now created “the most gigantic bubble in history,” noting that a change is inevitable, and likely coming soon. “People have come to the conclusion now that the market will continue to rise for as long as the Fed is in the game, and I think that’s a very dangerous concept to hold,” Shepherd said.

http://www.marketwatch.com/story/is-this-market-headed-for-a-correction-2013-02-07