Fiscal-Cliff Whispers Spark SPX Fits and Starts
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There will surely be numerous back-and-forths between Democrats and Republicans until this problem is either solved or we do actually go over the fiscal cliff. For this reason, buying strength and selling weakness is likely a losing proposition into the end of the year.
Fiscal cliff is clearly a concern, none the less, you have to wonder how much of it is priced into things. Remember, two weeks ago none other than Bono was on CNBC talking about it. To me, that says a lot of the fiscal cliff worries have probably been baked in. In fact, we could be setting ourselves up for a repeat of last year. It was just 12 months ago that the fear was Greece was going under and the world economy would come crashing down as well. Those fears were totally overblown, as we eventually had a very strong first quarter. Mark Twain said "History doesn't repeat, but it does rhyme." I think that could again be the case this time around.
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