closed at fresh highs. The Dow Jones Industrial Average slipped 0.29%, though it briefly breached the 45,000 level during the day. “The holiday season is in full swing and spirits seem bright, at least among investors,” UBS wrote in a Monday note. Indeed, 56.4% of consumers expect stock prices to rise over the next year, according to a survey by The Conference Board. That’s the highest level on record. Not to be a downer this holiday season, but analysts see signs that optimism might have some roots in wonderland. Stocks might have had an incredible rally in November, but that was probably investors “pric[ing] in the upside from the new, pro-business administration,” Jay Hatfield, founder and CEO of InfraCap, told CNBC. Now, investors “need to get details — not just tweets — but details of what the policy is,” Hatfield added, suggesting the upward momentum might take a pause for now. Investment bank Oppenheimer also noted that stocks are still expensive. “Benchmarks [are] showing forward PE multiples that are higher than their five-year averages,” wrote chief investment strategist John Stoltzfus on Monday. UBS thinks the exuberance among investors is “raising concern about the markets getting frothy.” Froth implies that things will settle down, which is not necessarily a bad thing in the long run. Oppenheimer, though, thinks the bull market is “driven by fundamentals” that will steer it higher in the next year, despite high valuations. Likewise, Savita Subramanian, head of U.S. equity and strategy at Bank of America, sees “ample reason to stick with stocks over bonds for the long-term.” The layer of frothy milk adds to a cappuccino’s delight, after all, and doesn’t detract from the coffee below. — CNBC’s Lisa Kailai Han, Alex Harring and Pia Singh contributed to this report.