Business

With the Dow Jones less than 100 points away from 20,000, it is moot to say that the only sentiment driving the market here, with the S&P trading at 25x actual GAAP P/E, is adrenaline and pure euphoria.

In its latest monthly Fund Managers Survey, Bank of America gives readers two options for a title:

• Red, White And Bullish, or
• Red, White and Boom

Both capture the prevailing sentiment, because just months after gloom had set in within the professional investing class, with secular stagnation quietly mentioned as one of the prevailing concerns, optimism has soared to a near record high level. This is how BofA's Michael Hartnett explains it:

Just hours before the November 30 Vienna OPEC meeting, whose outcome sent the price of oil soaring, Gartman had a recommendation: "we are short of crude oil from yesterday; we’ll have stops on those positions on a closing basis this afternoon here in the States, with the intention of adding to those short positions once the OPEC meeting is behind us."

Silver Bullion Manipulation By Banks Proven In Traders Chats

• Trump Picks Exxon Chief for State Amid Concerns (Reuters)
• Buoyant Markets Pose New Challenge for the Fed (WSJ)
• Tweeter-in-Chief Trump Faces Test After Yellen’s Rate Decision (BBG)
• Trump Dissing Daily Intelligence Briefing Worsens Rift With CIA (BBG)
• SWIFT confirms new cyber thefts, hacking tactics (Reuters)
• UniCredit share issue lifts banks before Fed meeting (Reuters)
• Senate Republican leader backs investigation into Russian hacking (Reuters)