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Don't Get Caught on the Wrong Side of the Fiscal Cliff Trade

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"Even though the change in tax policy was agreed upon, much of the heavy lifting of spending cuts has been postponed until the latter part of the first quarter . Wall Street will likely savor the resolution for the time being, but experience renewed investment agita before the quarter is out, offering better entry levels as the year progresses," Stovall concludes.

Yes investors who escaped falling off the fiscal cliff. That doesn't mean continued saber rattling in Congress and a simultaneous tax hit won't create boulders that could hit the U.S. economy and corporate earnings in the first half of 2013.

-- Written by Antoine Gara in New York