This month’s price move in the S&P500 ranks as the fourth-best November in the post-war period.  Credit spreads came in quite a bit, and the Chicago Fed’s National Financial Conditions Index eased 20 points, simply stunning.  With such a significant easing, the Fed’s job is more challenging.  However, don’t tell Ms. Market; she is pricing several rate cuts next year.

We now begin the second-best month of the year, on average, for the S&P500, and Ms. Market is certainly not on the side of recessionistas.  Watch credit spreads.