Last week was the year's best for the S&P500. October also saw a very strong bounce-back from the late summer malaise.
I've been surprised by the recent recoveries in markets in the short term. When you pair that with the huge long-term gains we have had since March 2009 alongside my fundamental bearishness, I can't see Santa delivering any more treats for investors ahead of Christmas. Add in the uncertainty of what central banks will do in December, and I for one will be sitting on the sidelines for the rest of 2015.
Why am I bearish? The bottom line is that the developed world has been aggressively printing money for seven years and yet there is hardly any growth or inflation. Most people are pretty confident the U.S. Federal Reserve will start to raise rates in December - a highly symbolic end to the era of loose policy in the U.S. - because recent data has been relatively good.