US stocks: Citi highlight 2 near term risks for a market unconcerned about the downside

Comments from Citi analysts following a stonking November for surging US stocks:

• Dow had its best month since 1987 but closed lower today. Record highs and record closes for the major indices in November

Citi:

• "Investors have become uninterested in worrying about downside risks "
• "Vaccine news has further buoyed spirits with several therapeutic / preventative lights now at the end of the pandemic tunnel being another set of positive data points."

At present:

• the market is either "anticipating an even stronger 2021 profits outlook possibly tied to rapid inoculation-driven recovery and continued corporate cost containment, or the S&P 500 may be ahead of itself in the near term, particularly when considering no new short-term fiscal stimulus and the impact of second wave outbreaks."

I bolded the risks Citi highlight, maybe doing so will help folks just not skim over them :-