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2012 Business Year In Review: Fiscal Cliff Uncertainty Clouds Wall Street Picture

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The ongoing drama over the fiscal cliff negotiations in Washington made for volatile trading in the last week of the year on Wall Street. With that backdrop, NY1's Diane King Hall has market predictions from Wall Street experts for 2013 from the floor of the New York Stock Exchange.

Uncertainty is something Wall Street hates. It upends the market.

Entering 2013 without a resolution of the fiscal cliff leaves some uncertainty on the table, but some Wall Street players are still willing to proffer predictions as to what could occur in the new year.

"Going over the fiscal cliff doesn't necessarily mean that everything goes off the tracks," said Anthony Chan, chief economist with Chase Wealth Management. "We might still see some things getting resolved."

"So when you're at this point, if we get a sell off in the market of 2 percent, 3 percent because there is some panic or fear that we have gone over this cliff, it's only going to take two steps backwards," said Jonathan Corpina of Meridian Equity Partners.

Regardless of the lack of a so-called grand bargain in Washington, veteran trader Doreen Mogavero, the CEO of Mogavero, Lee and Co., said Wall Street investor demographics are changing.

"Older people are pulling their money out," Mogavero said. "They're becoming more concerned about maintaining their principle. People are using shorter-term strategies."

Mogavero also said owning stock in a single company won't be as nouveau in 2013.

"I think people will be migrating away from just single-stock equities more to ETFs," she said. "I think that is evidenced as the money that is coming out of mutual funds is always much less than is going into ETFs."

ETFs stands for exchange traded funds, an investment that mirrors the performance of an index like the S&P 500.

Conversely, Jonathan Corpina gave his expectations for a single stock like Apple.

"What we've seen is once the ball starts rolling, whether it's up or down, it snowballs," Corpina said. "So we've seen the snowball move higher, and the stock run 30, 40, 50 points within sessions, and we've seen it the other way where it moves down. I think long-term, Apple is a good stock to own."

Market participants said there will be other winners in the new year, like the financial sector. But Anthony Chan said the perfect ingredients for a strong 2013 also calls for businesses to step up.

"If we get a reasonable deal, then I think businesses will have enough certainty to start feeling a little bit more comfortable increasing capital expenditures," Chan said. "You might say, 'Why should we care about capital expenditures?' Because historically, when you start to increase capital expenditures, you start to hire more workers."

Without a grand bargain in Washington, things are a bit murky on Wall Street, but there are still pockets of optimism. ClientIP:, UserAgent: CCBot/2.0 ( Profile: TWCSAMLSP