Pessimism abounds in market optimism

Markets reacted positively to disappointing US data, which highlighted a fall in consumer confidence and a decline in expectations of economic activity. Investors should adjust their expectations accordingly.

The S&P 500 responded positively to fairly negative data overnight. Is there a better recent example of irrational exuberance?

Unfortunately for investors, the party is nearly over, with the Fed likely to begin tapering as soon as March next year.

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