Salient to Investors:

The S&P 500 remains up more than 9% since January 1, 2012, and up 12% in the last 12 months. Corporate profits and revenue are in a fundamental contraction so it’s natural for the market to be held back.

Any sitting president has very little influence on the economy beyond simply being the head cheerleader.

Signs of life:

  • The jobless data is moving in the right direction.
  • Housing seems to have bottomed, with homebuilders are all up year-to-date.
  • Consumer confidence closed October at a five-year high.

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