"The stock market hasn't priced in the end of the world this December, and it's not pricing in the "fiscal cliff."
That's because most investors don't believe either will happen.
While economists say the fiscal cliff (Learn More) has already created a drag on the economy, the impact on the stock market is less certain, and the outcome is about as predictable as the behavior of Congress.
"Most people have a relatively benign view of the risks involving the fiscal cliff, and the idea that it's going to be addressed in the lame duck session of Congress," says Goldman Sachs U.S. equity strategist David Kostin. "Some people have that view, and that's a pretty optimistic view. Experience might suggest that politicians are not in the mood to coming to resolutions necessarily."