To The Moon

There comes a time when every party hits a lull, at which point it either picks up again or disperses in disappointment. The stock market hit that point this past week.With the S&P 500 index on track for a 20% gain for a second consecutive year, sentiment was always going to be an issue heading into the end of the year. Investors were feeling good about their portfolios, Wall Street was riding high, and everyone was talking about the return of animal spirits.But when everyone is having a good time, even the expected can catch folks by surprise. That was the case with Wednesday's Federal Reserve announcement. The Fed cut interest rates by a quarter-point, just as the federal-fund futures market suggested it would, while the so-called dot plot showed just two cuts in 2025.A collapse in near-term sentiment would likely be good news for stocks. Rallies, like bull markets, are born on pessimism, and the more pes