“Noted stock-market bull Laszlo Birinyi, of Birinyi Associates, says he’s still upbeat on U.S. equities but just a bit more optimistic these days.
Steering currents guiding the direction of markets are hard to find, namely due to the European debt crisis and the looming “fiscal cliff” in the U.S., a combination of scheduled expiring tax breaks and government spending cuts that will kick in at the same time at the end of the year. A cooling Chinese economy also clouds the horizon, making it even more difficult to craft investment strategies.
“There are too many variables which are beyond our capabilities to absorb and forecast,” Birinyi said, according to USA Today. ”
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