WHICH MARKET WAS RIGHT? Commonly accepted among stock market pundits is the belief that stock markets predict our economic future by six months or more. Although historical data shows that the market has only about a 50/50 track record in that regard, recent market volatility has had the media pundits actively promoting that theory. In December, the markets were screaming the “imminent US recession” story and had everyone just about convinced that the Fed had over-tightened the economy, causing a slowdown. Granted, the political environment was creating considerable anxiety and the economic data, particularly from the housing and auto industries, was somewhat softer than it had been, but n

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