From BI: The stock market has been falling hard since the election, though it's really been weak since the beginning of October. The popular explanation of the fall is the "Fiscal Cliff", which is a somewhat disappointing and unsatisfying explanation, since it's not like there's been any new information on that front (and in fact, if anything, the early tone has been fairly conciliatory).
In a note to clients of his firm last week, Nouriel Roubini
gave 6 reasons why the rally has been "running out of steam."
We summarize them: Growth is weak. The Eurozone
crisis is backsliding again- Greece is coming to a head (once again). Political
concerns (fiscal cliff, etc.). Valuations have gotten way stretched…,
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