MARKET RECAP

• Sixth straight week of gains, US stocks +0.97%, international -0.39%, bonds +0.02%.
• WSJ columnist Peggy Noonan noted in her Friday column that the elected has “reached its Oprah phase, you get a car and you get a car and you get a car.” Both candidates just make promise after promise as if they are running for school president in the 5th grade. Actually, 5th graders are probably more responsible than these two candidates. Both continue the recent tradition of completely ignoring the monster deficit.
• Torsten Slok, Apollo’s Chief Economist, writes that the current forward p/e “at almost 22” implies a 3% annualized return over the coming three years.

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