Here We Go Again?

(1) Buying time and running out of it. (2) Pass the sangria. (3) Four plausible scenarios for stocks. (4) In the first, Europe has a meltdown, the US falls off a fiscal cliff, and Iran gets bombed. (5) In the second, central banks pour more Kool Aid. (6) In the third, the US shines. (7) In the fourth, sangria makes everything better. (8) Asset allocation: Going sector-neutral in US. Still underweighting European stocks, especially banks. (9) So what is the US economy doing? (10) Globalization for bulls.