The Rydex Investments AdvisorBenchmarking Advisor Confidence Index, which gauges advisers outlook on the economy and the stock market, rose 4% in November to 82.46, up from 79.07 in October.
In conjunction with the index, Rydex surveyed independent registered investment advisors (RIAs) on their opinions, and found a wide mix of outlooks.
Only 35% believe the market will rise more than 5% from its current levels by the end of the year. Twenty-nine percent expect the market to remain at the same levels. The remaining 64% expect the market to decline.
Another 80% are concerned over President-elect Barack Obamas tax plans.