Floyd’s Wall of Worry

The New York Times’ Floyd Norris is far from alone, but his piece today, while verging uncharacteristically on optimistic at the close, demonstrates the indefatigable bearishness in many media quarters about the resurgent bull market. Here are some sample quotes about the year that just ended on the major markets:

That optimism may have been a little overdone … stores catering to those lower on the economic ladder found sales a little harder to ring up … If the season turns out even worse than Wall Street now believes …. that could be an indication the economic stimulus provided by tax cuts is starting to wear off … it might begin to appear that the heavy foot on the accelerator caused the economy to lurch forward but did not get it into gear in a way that will produce the continuing movement investors now expect. [All emphasis added.]