Record Highs Or Santa Crash? Wall Street Looks Ahead After Historic Rally

It’s rational to ask if asset prices are destined to buckle under the weight of last month’s rally — to wonder if the path to “El Dorado” was paved with fool’s gold.

After all, the S&P’s now a mere 4% from its record highs, a remarkable feat given all that’s happened, recession odds are elevated (according to most) and the 2024 geopolitical agenda is “busy” (as Goldman recently put it).

Traders (including Bill Ackman and Bill Gross) are betting on Fed cuts. And Fed cuts there will almost

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