The S&P 500 is up around 10% through late November, which has tended to lead to further gains that build on momentum and seasonality. When the Nasdaq Composite gains 20% or more through this late in the year, it has also tended to keep following through.; Fund managers in a monthly Bank of America survey have turned highly optimistic on the prospect for stocks, but it has been a poor contrary indicator. Likewise, they're betting on small-caps and a steeper yield curve.

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