Markets were mixed on Thursday.
The S&P 500 finished flat amid mixed economic data. Jobless claims fell last week but the trade deficit rose as exports declined in November.
The STOXX Europe 600 fell 0.4 percent, with banks among the biggest losers after a report that the US Securities and Exchange Commission is probing several European banks over a Mozambican bond sale.
In Asia, the Nikkei 225 fell 1.3 percent as Toshiba continued its slide amid concerns about write-downs in its nuclear business. The Shanghai Composite Index fell 0.2 percent.
Michael Farr, president of Farr, Miller & Washington, thinks that the US stock market is building a short-term base. "I think it can provide support for the final year-end surge," he said.
Next year, however, could see a "train wreck", according to Jim Rickards.
Ricards told CNBC that president-elect Donald Trump's economic stimulus plans will not pan out, causing a "head-on collision" between perception and reality.
"Either we're going to have a recession or a stock market correction," he said.
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