Salient to Investors:

John Manley at Wells Fargo Advantage Funds said valuations are far from excessive.

Analysts expect S&P 500 Q4 profits to increase 2.9 percent.

The VIX has fallen 40 percent over the past 6 sessions, the biggest decline since November 2008.

Michael Riesner and Marc Mueller at UBS said the bull market in US stocks may end in 2013, followed by a drop of up to 30 percent by 2014.

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