The S&P 500 hit an all-time high of 2,185.54 Monday morning, although it pulled back to end the day just a notch below Friday's closing record. It's another exclamation point in the incredible bounce back from the Brexit woes that sent global markets sliding in late June.
Yet big time investors aren't cheering the market's gold medal performance. Instead, they say they're "reluctantly bullish."
Over the weekend, dozens of top investors and economists gathered at Camp Kotok in eastern Maine to discuss the state of the global economy and markets. The conference, organized by David Kotok of Cumberland Advisors, has been dubbed a mini-Davos.
The consensus view from Camp Kotok was: We're living in incredibly scary financial times. The market will tank, but it won't happen soon.
The Fed is playing 'Pokemoney'
Cheap interest rates, and ongoing problems overseas will keep the party going on Wall Street for now. U.S. stocks are overvalued, but they look better than the alternatives at the moment.
On top of that, both Hillary Clinton and Donald Trump are now talking about major cash injections for the U.S. economy. Clinton wants to spend billions on infrastructure, among other government initiatives. Trump says he's spend twice as much as Clinton on roads and bridges, plus he'll enact the largest tax cuts since President Ronald Reagan was in office.
All of those factors will likely push stocks higher in the coming months. But they also make the day of reckoning uglier.
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