The Downside: Temper the Roses with Realities

In last Monday's column, I proposed the possibility of an uber rosy scenario -- a set of potentially more positive developments in U.S. politics, in the trajectory of domestic economic growth and in Europe's attempt to contain the debt crisis that could have a salutary impact on business, consumer and investor confidence. I opined that these factors could conspire to create a surprisingly good backdrop for the U.S. stock market in the period ahead.