Millions of investors are focused, very myopically, on short-term trading at the moment. That's perfectly understandable, but it's a huge mistake in a mid-term election year.
Because the single biggest risk facing investors today is not that the numbers driving our economy – earnings, jobs, interest rates – collapse, but rather that they're better than "everyone" expects.
Too much "short-termism" results in too many losses, especially at this time of year, when traders are looking to do two things: a) clean house on their portfolios, and b) get in line for big year-end bonuses.
To be sure, the business cycle is long in the tooth; so is the bull market rally. But nowhere is it written in stone that either of those things must come to an end.