Are December's Stock Gains Merely Borrowed From Next Year?

One of the main questions that should be top on many investors mind is how much of the current rally is merely being borrowed from next year once President-elect Donald Trump officially drops his "elect" appositive and becomes president.

David Lebovitz, JPMorgan's Asset Management's global market strategist, was a guest on CNBC Friday morning to answer this pressing question, which doesn't necessarily bode well for bulls looking forward to continued strong gains beyond current levels.

"I definitely think we have pulled some returns forward from 2017," he answered. "It's our view that the U.S. economy was picking up before the election and the second half of the year was looking much better than the first half of the year. What the presidential election really did was it unleashed animal spirits in the market and we have seen things move very far, very fast on promises that at this point we aren't sure whether or not they are actually going to pass as policy."

Lebovitz continued that the market is in a "wait-and-see" approach but there is little doubt that the markets has indeed pulled some returns forward from 2017.