Stocks ready to close out powerful 2020 as risks loom in January

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The bull market will be ready to run into 2021 but probably at a slower pace.

Stocks are expected to close out 2020 in the week ahead with double-digit gains, but as the market moves into 2020 the rate of advance could slow.

If the market is higher in the first five days, history shows the S&P 500 has been up 82% of the time for the full year with an average 12.5% gain, he notes. "I don't feel strongly that the first few days of January has to set the direction for the market for the balance of the year," said Michael Arone, chief investment strategist at State Street Global Advisors. "If in fact [stocks] do rally, it's more of a sign of strength. But if they suffer a hiccup, I wouldn't throw in the towel."

But Stovall said the market could rally on a Democratic victory if investors were to consider the prospect for a bigger infrastructure and stimulus package favored by Democrats.

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