S&P

Authored by David Stockman via Contra Corner blog,

Today's single most dangerous Wall Street meme is that there is no risk of a stock market crash because there is no recession in sight. But that proposition is dead wrong because it's a relic of your grandfather's economy. That is, a reasonably functioning capitalist order in which the stock market priced-out company earnings and the underlying macroeconomic substrate from which they arose.

Authored by Lance Roberts via RealInvestmentAdvice.com,

Near the end of each year, Barron’s magazine highlights the outlooks for the next year from 10, or so, Wall Street strategists. As noted recently by Sentiment Trader:

One day after the Fed hiked rates by 25 bps as part of Janet Yellen's final news conference, it is central bank bonanza day, with rate decisions coming from the rest of the world's most important central banks, including the ECB, BOE, SNB, Norges Bank, HKMA, Turkey and others.

One day after we reported that "Congressional Republicans reached a tentative tax agreement", the news of which sparked another risk surge into the close of trading, moments ago we got the second tax deal in 24 hours - if only for algo consumption - when the AP reported that House and Senate GOP leaders have reached a "tentative deal" on tax overhaul "in principle."

After an early slide last night following the stunning news that Doug Jones had defeated Republican Roy Moore in the Alabama special election, becoming the first Democratic senator from Alabama in a quarter century and reducing the GOP's Senate majority to the absolute minimum 51-49, US equity futures have quickly rebounded and are once again in the green with the S&P index set for another record high, as European stocks ease slightly, and Asian stocks gain ahead of today's Fed rate hike and US CPI print.