Sunday Morning Coffee

David Kelly, one of the JP Morgan perma-bulls, said the following in a Barron's article about the fiscal cliff this week;

The stock market may have priced in the worst-case scenario, so a post-election kumbaya moment could result in some upside...

By kumbaya he means some sort of agreement that staves off the fiscal cliff. Regardless of your politics or your expectations for the market over any time period you care about, this is a ridiculous comment. Year to date the S&P 500 is up 16% which is pretty close to up a lot and except for a two month drop in April and May it has been straight up. Maybe he will be correct about the market continuing higher but "worst case" is laughable.

Just a quick rant today.