Supporting that belief are scattered, so far at least, warnings of a weak holiday season for retailers and early reports of weakness in the housing market. For instance, eBay (EBAY) recently warned that fourth-quarter sales would be a weaker-than-expected $4.5 billion to $4.6 billion. (Analysts were projecting $4.64 billion.)  “We are not expecting any improvement in the fourth quarter from what we experienced over the last eight to 10 weeks,” eBay chief financial officer Bob Swan said in the company’s recent third-quarter conference call. “We have a cautious outlook for the holiday season.”

And on Oct. 21, the National Association of Realtors reported that purchases of previously owned homes fell in September for the first time in three months. The sales rate fell 1.9% from an almost four-year high to an annual rate of 5.29 million homes. Economists surveyed by Bloomberg had forecast an annualized sales rate of 5.3 million. Prices climbed 11.7%, pushing affordability to an almost five-year low. That’s not good news for future sales.

Betting on a long Fed wait

Part of the reason for that weakness may be what happened, or didn’t happen, in the government shutdown/debt ceiling crisis just before the Treasury’s Oct. 17 deadline for a potential default. The “solution” -- a continuing resolution that extended government spending authority until Jan. 15 and raised the debt ceiling until Feb. 7 -- didn’t really end the problem. We could go through the drama, uncertainty, and worry of October all over again in early 2014. The guessing on Wall Street and among economists is that these conditions aren’t exactly going to have consumers reaching into their pockets to spend.

The bet on Wall Street, then, is that not only won’t the Fed begin to taper off its asset purchases in December, but also that the central bank will sit without acting until at least March. That’s the consensus among economists surveyed by Bloomberg.

Does that make you feel lucky? The U.S. market look ready to continue a rally that has pushed the S&P 500 to record territory on that basis. Money is flowing back into risk on currencies, weakening the dollar and the safe-haven yen. Money that fled emerging markets when the world seemed a risky place is headed back into those markets.

Cash flows in and out of ETFs, exchange traded funds, give us a good sense of what has been happening. About $725 million flowed into ETFs on Oct. 16, the day of the deal in Washington. $6.9 billion flowed in on Oct. 17 and another $2.5 billion joined the flood on Oct. 18, according to Bloomberg. Much of that money has flowed into U.S. stocks, with ETFs that specialize in U.S. stocks getting $12 billion in October. But overseas markets have joined the trend, too.

But before you get too comfortable with that trend, notice how incredibly volatile the market has become lately. Those big inflows were balanced by huge outflows in August. In that month, $14 billion came out of the SPDR S&P 500 ETF (SPY), the largest ETF. And that followed on inflows of $13.8 billion in July.

To me, even with the possibility of data surprises such as an unexpectedly strong September jobs report on Oct. 22, this adds up to a strong macro trend that’s likely to rule the direction of the market through November and into December. In that period, I think betting on global central banks is a good and not terribly risky bet.

After that, the likelihood of the Fed staying out of the taper business depends on the data, as well as how the economy and markets react to any replay of the government shutdown/debt ceiling crisis in January and February.

I think the likelihood is that the market will be even more blasé about this next round in the crisis than it was about the last one. U.S. financial markets hardly budged (well, OK, short-term Treasurys budged.) But I think the markets do need to see relatively weak holiday sales numbers, continued softness in housing sales, and solid but not rapidly accelerating economic growth from China for the Fed-stays-away-from-the-taper consensus to remain in charge of the market until March.

So what should you do?

Time to get your money in play

First, to take advantage of the likely November continuation of the no-Fed-action/financial market rally trend, I think you need to move now. Put money to work now and over the next week -- rather than at the end of November, when it will be time to re-evaluate this trend.

Like me, you might have moved into cash at the beginning of October for protection and to have cash available to take advantage of any bargains on a pullback. We never got the pullback I anticipated, but this isn’t the time to mourn missed opportunities. They’re gone. What you do now counts, and I don't think you should be even 25% in cash over the next 6 weeks. Put some money to work.

Second, put that money to work in the U.S. market, in Japan (still my favorite) and in select emerging markets such as Mexico. I think U.S. stocks will move upon on the Fed consensus, but that the move won't be equally strong across the market. I’d avoid financials, retail, and consumer durables. Expectations for no increase in rates should work to the benefit of dividend stocks --take a look at my Dividend Income portfolio at JubakPicks.com for suggestions.

Japanese stocks should get a boost, again, from a weaker yen as traders sell their safe-haven positions. (For example, the Nikkei 225 index in Tokyo climbed 0.91% on Oct. 21 on a weaker yen.) You can find some Japanese recommendations in my Jubak Picks portfolio at JubakPicks.com.

Emerging markets will get a bigger bounce in any rally, just as they've taken a bigger fall recently. So far it looks like traders are avoiding “risky” markets such as Brazil and Indonesia on fears that current account deficits pose too much risk if the consensus on the Fed turns out to be wrong. I disagree with that view of Brazil, but the economy there is growing slowly and traders are likely to maintain a show-me attitude. (In other words, in the short run my opinion gets trumped by trader sentiment.) Mexico gets a thumbs -up among traders on better finances and more work on economic reforms. It is my favorite emerging market at the moment. An ETF such as the iShares MSCI Mexico ETF (EWW) will work, although it holds more financials than I’d like. If you’re looking for individual stocks, you might look at Industrias Bachoco (IBA) or Grupo Televisa (TV), both of which trade as ADRs in New York.

And after early December? Time to re-assess.

If the consensus that the Fed won’t taper until March remains intact and if the market looks inclined to shrug off the next round of the drama in Washington, I’d leave the recommendations that I made above intact -- and possibly extend them by adding more exposure to emerging markets such as Brazil and China.

But going into December, I sure want to make sure I know how much ammunition remains in the central banks’ guns. Don’t forget to count.

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December and into 2014 won’t be a time to hope that we get lucky.

At the time of publication, Jim Jubak did not own shares of any of the companies mentioned in this column in his personal portfolio. When in 2010 he started the mutual fund he manages, Jubak Global Equity Fund, Jubak liquidated all his individual stock holdings and put the money into the fund. The fund did not own shares of any stock mentioned in this column as of the end of June. For a full list of the stocks in the fund as of the end of June, see the fund’s portfolio here.

The last Jubak’s Picks column will run on MSN Money on Nov. 13. His my free web site JubakPicks.com will continue to offer the same mix (frequently with more daily content than MSN Money ran) of big-picture posts, stock picks and portfolios. You can also find his columns at MoneyShow.com. If that doesn’t fill your Jubak needs, you can get a free seven-day trial and $100 off a yearly subscription to my premium investment letter JAM (by clicking here).

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