We go though the major issues of bank earnings, what bond markets are telling us, and the speculation in oil.
Banks are doing great and investors continue to push up the prices. I suspect a lot of this is about the presumption of a Trump victory and less regulation. It could also be general bullishness on a no landing scenario for 2025.
As for bond markets, the long term rates keep going higher post-September Fed meeting. Which is what usually happens on a cutting cycle - just look at the history. I explain I'm out of long term treasuries. It's simple. I see very little upside and a ton of downside if inflation picks up just a tad next year on a hot economy.
Lastly, what people need to understand about commodities is that the price only moves once the event happens. So while there is massive bullish option buying in oil markets - until an event happens, ostensibly Israel attacking Iran - the price won't spike until disruptions begin. This is totally different to stock markets which are always in a state of predictions going out 6-18 months.