Given the anticipation in U.S. markets in the first few weeks of this month, there was always the danger of buy-the-rumor, sell-the-fact price action, even if a near-term stimulus package was enacted. The fact that this won’t happen now means that investors are engaging in buy-the-rumor, sell-the-letdown behavior. And, the longer the wait for fiscal stimulus is, the more scope there is for further disappointment going forward.