DC Lite #219

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1. NFIB. "The Uncertainty Index rose 11 points to 103, the highest reading recorded ... The election will trigger adjustments to plans once the results are known."

2. Demand environment vs. manufacturing. "There are signs that the worst may be behind us, with the number of mentions of weak demand during earnings calls starting to fall, which has been highly correlated to the ISM Manufacturing PMI."

3. Deficits vs. stocks. "If [politicians] keep running up the debt to even higher levels, that will compound the problems for future generations. But it will be bullish for stocks."

4. Sentiment indicator. Goldman's equity positioning indicator dropped down to 0.3 from 0.7 last week.

5. Bull markets. "The bull market is about to turn two. Stocks are up 61% during this bull market, compared with the avg bull market lasting 5.5 years and gaining 181%. Yes, it 'could' end soon, but we don't think it will. In fact, this shows many more years of gains would be perfectly normal."