The raging bull market of the last 12 months will continue throughout 2010 but at a slower, steadier pace, giving investors reason to draw back slightly on risk, according to BlackRock’s Bob Doll, the vice chairman and global chief investment officer of fundamental equities and Curtis Arledge, managing director and co-head of U.S. fixed income portfolio management group, in their forecast for the first quarter.

As the bull market shifts from an economy driven by the return of liquidity and improving price-to-equity ratios, it will trade double-digit returns for less robust ones. That said, improved earnings and reasonable valuations should lead the recovery this year, as investors will continue to reallocate cash into the markets.

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