Market Vitals: Growth forecasts are inferior to investor sentiment

Growth vs. Sentiment: The latter is what matters ...

I found lots of good headlines in the Telegraph today. One seizes on the all-powerful monetary-accommodation-as-driver-of-stocks theme. The point: hold on because stocks will soar as central banks go wild.

I can't argue with that - I think it is still the primary driver of markets. Everything else is speed-bumps, mere check-points of investor sentiment until proven otherwise. But there is another headline in the Telegraph suggesting otherwise:

I want to turn bullish, but I can't see where growth is going to come from []

I understand perfectly this rationale. I just have to disagree with this conclusion. In fact, I'd change the title to ...

Market Vitals | 2 January 2013 [] ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~


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