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Are The Economy And Equity Markets The Living Dead?

Despite many dire warnings this year, what has the market done so far? Not much

Originally posted on TheStreet on September 20, 2016

Despite many dire warnings this year, what has the market done so far? Not much.

With a few bumps, equity markets have traded sideways with low volatility. There was a shock in high yield earlier in the year, but even those yields have largely declined again.

What might be happening in this sort of quiescent market? A series of interconnected factors have combined to create this listlessness. Consider that:

  • A number of expected global shocks did not happen, although they may still occur. The Chinese credit, equity and real estate market did not melt down; oil prices vaguely stabilized at a new (albeit much lower) band level and Russia seemed to avoid oil-induced debt default / financial collapse so far; war in the Middle East seems to have been kept at least to limited zones; and the U.S. real estate market, although

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