Robert Doll is the Chief Equity Officer of Nuveen and a CNBC favorite. His latest Commentary is instructive. He reminds us of ten things:
1. U.S. economic growth remains solid.
2. Manufacturing levels may come under pressure.
3. The outlook for global growth may have weakened recently, but we see no near-term signs of significant financial pressures.
4. Global fiscal policy is likely to be stimulative next year.
5. Corporate earnings remain strong, but growth is set to slow.
6. Earnings growth may disappoint in 2019.
7. Downward pressure in the financial sector could persist.
8. We believe the U.S. stock market is approaching a bottom.
9. We may have seen the market highs for the year, but we also expect the bull market to continue.
10. History suggests the post-midterm-election period could be good.
He also said “sentiment is worse than reality” . . . AMEN !