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As the warm summer temperatures fade into the past, the stock market’s rally over the past few months has also run into a bit of a roadblock. What investors dislike most is uncertainty and they seem to have a lot more of it lately. Between the U.S. Election jitters, lukewarm third quarter earnings reports, continued worries about economic growth in Europe and China and fears about the upcoming ‘Fiscal Cliff’ in the U.S., investors have more than enough uncertainty about the next few months. This has pushed many investors back onto the sidelines as stock prices drifted lower. Basic resource and technology stocks have once again suffered the brunt of the damage. Although the November-January period is typically the strongest seasonal period of the year for stocks, many strategists worry that we may have already seen the highs in stock prices for the year as the disappointing earnings guidance seen in the past two weeks and the other economic risks will keep investors on the sidelines until some of these headline risks diminish.
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