Janet Yellen & Co. have reason to be cautious about the outlook.
Clients want to gain in up markets and survive down markets.
Divergent stock performance is an opportunity for active managers.
High stock valuations and labor strife spell trouble for US economy.
Investors should expect the volatility to continue.
The energy market will have a big impact on stock prices this year.
Stock price trends in late December may foreshadow 2015 outlook.
Despite the pullback, this rally still has gas in the tank.