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Is the Outlook Really This Good?

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What’s in Today’s Report:

  • Stocks Are At Multi-Week Highs – Is the Outlook Really This Good?
  • Weekly Market Preview:  Stimulus or Not?  Time is Running Out
  • Weekly Economic Cheat Sheet:  October Economic Data Will Be in Focus

Futures are modestly higher thanks to strength in Asian markets combined with still positive momentum from last week’s rally.  Broadly speaking, it was a quiet weekend of news.

Chinese markets rallied more than 2% on strong “Golden Week” sales, confirming the strong economic recovery.

Politically, there was no notable news on stimulus over the weekend and a deal is still not expected before the election.

Today is Columbus Day so bond markets will be closed and there is no economic data and just one Fed speaker, Kashkari at 9:00 a.m. ET.  Given the quiet calendar, stimulus headlines will continue to move stocks, but at this point it’s very unlikely a deal gets done before November 3rd, and the markets are becoming immune to the endless commentary about “positive” negotiations that yield no actual progress.