January can be a 'very rough, back-and-forth month,' market expert explains

Cowbell Capital Management President and Fox Business contributor Gary Cowbound . Gary, it's great to see you, sir . Happy holidays, Steve . Yeah. So, again, last uh Friday trading session of the year , if that means anything. I doubt it does, but it sounded good when I wrote it . So, what do you expect from the broader markets for 2026 ? I mean, I'm wondering if you're in line with Deutsche Bank . Deutsche Banks predicts a 16% rise for the S&P next year . 16%. BFA says 6% kind of a widespread there . Watch oil prices, watch yields . If they continue to do what they've been doing, we're going higher and probably will be double digits . My biggest issue is uh valuations are not cheap . They are expensive . So, if we get any problems with oil or or yields, uh I think it have more trouble . But this whole year, , energy prices have drifted lower all year. The 10-year yield has up a little bit from the lows, but way off of the 4.8 . And that's helped uh uh borrowing costs and that whole works . And again, if that continues, I think that's a one-two punch that helps