The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.
By David Sterman
NEW YORK ( StreetAuthority) -- At the start of this year, many economists predicted that an economic crisis in Europe would grow larger, and Washington would be unable to develop a bipartisan consensus around a fix for our persistent budget deficits.
They were right on both counts. Economists also expected corporate profits would stay strong and suggested a bit more upside for stocks as the year unfolded.Right again. The S&P 500 Index rose roughly 10% in the first four months of the year. By that time, the S&P 500 had doubled from its March 2009 low. Yet the market has largely been on a downward slope since the late April peak, and we'll likely finish the year in the red unless we get a Santa Claus rally.
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