Wall Street highs due for a reality check

THE clarity that comes with 20/20 vision can be a curse as well as a blessing. The year 2019 could be the ultimate case of a Wall Street phenomenon known as "buy the rumour, sell the news".

Major stock indexes hit record highs this year as fears that a trade war and Brexit deadlock would lead to a global recession gave way to hopes of a US-China ceasefire and a final settlement between Europe and the UK.

Once the terms of those deals emerge, however, the celebrations may end, particularly given the stage in the political cycle.

"It's great news but let's not forget - the devil's in the details. Happy as we all are that some of those questions are answered, you can't get too far ahead of yourself yet," said Joe Kinahan, chief market strategist at TD Ameritrade. "You've got a president…