About That ‘Sell SPX In Every Scenario’ Headline

Headed into the December FOMC meeting, there was some (ok, a lot) of chatter to suggest equities were a precarious proposition on the heels of a six-week melt-up that pushed the S&P to within shouting distance of record highs. As I put it in "Fearless Fear Gauge?", I wouldn’t brave a categorical repudiation of that contention, nor would I necessarily suggest "complacent" is an inaccurate description of the prevailing market mood. Nuance is important, though, and for reasons discussed in