There are certainly negatives out there, ... But the psychology has changed and the bad news isn't having as big an effect on the broader market.
The only way I can see why the market is not reacting to several negatives out there is the anticipation of one more (rate) hike and we're done.
The fourth quarter is going to be volatile and trying. I don't think the market has fully discounted all the negatives in front of it, including the hurricanes' impact on the economy, higher energy prices on corporate profits, and higher inflation.
The fourth quarter is going to be volatile and trying, ... I don't think the market has fully discounted all the negatives in front of it, including the hurricanes' impact on the economy, higher energy prices on corporate profits, and higher inflation.