The market is chugging along nicely as market players remain optimistic about a fiscal-cliff deal even despite the negative comments from politicians. Standard & Poor's has substantially upgraded Greek debt, as well, which is also adding a little kicker.
The dynamic that's really driving this market now is fear of being left behind. Many money managers were never able to catch up when the market went parabolic last January, and now they are trying to put up some relative performance, or just stay steady, as the market ramps. Many of the no-brainer stocks that fund managers road up, such as Apple (AAPL) and F5 Networks (FFIV), are not so simple now -- and it is much more difficult to find places to put funds.
The big risk is that the fiscal-cliff talks will fall apart, but there is no danger of that in the next few days. It is only when the deadline gets closer that we'll see any real fear that the politicians are actually incapable doing something to relieve this uncertainty.
I'm going to continue to look for some new places to put funds, but I have to admit, I'm anxious about being underinvested. Being bullish is easy. Finding good places to put my cash is much more difficult.
