As Eddy Elfenbein recently pointed out, another 6% move to the upside for the S&P 500 and the index will finally be “flat” for the trailing six years.  If stock prices continue to surge and earnings forecasts continue to atrophy, that flat spot could have some downward slope to it.

1. “2012 returns were better than they were supposed to be.” — Jeff Gundlach.

2. Disposable income just took a hit — it’s hard to imagine that it won’t cause some dislocation and economic turbulence.

Updates on a number of community favorites in this week’s Crossing Wall Street:

Fear Is Melting Away