The Relationship Between the Stock Market and the Business Cycle

The relationship between the stock market and the business cycle is generally considered reliable,but the stock market tends to give false signals about:

A) business cycle peaks (booms) .
B) business cycle troughs (recessions) .
C) business cycle inflection points between peaks and troughs,and between troughs and peaks (i.e.,when the rates of decline in growth change from increasing to decreasing rates,and vice versa) .
D) ex post stock market returns.