Dow 30

• S&P 500 Futures Signal Rally Ebbing; Bonds Decline in Europe (BBG)
• Oil prices capped by doubts OPEC-led cut will end glut (Reuters)
• Fed Minutes to Be Parsed for Insight on Inflation, Jobs (WSJ)
• Trump keeping 'open mind' on pulling out of climate deal (Reuters)
• Trump Raises Prospect of Keeping Ties to His Firms (WSJ)
• Obama's not-so-secret admirer: Donald Trump (Reuters)
• Facebook’s Fake News Crackdown: It’s Complicated (BBG)
• Iran warns of retaliation if U.S. breaches nuclear deal (Reuters)

European and Asian stocks rose after the early scare from the latest Fukushima quake dissipated when all Tsunami warnings were cancelled. The global risk on mood was spurred by another jump in crude, which was up 1% in early trading, with the commodity complex now enjoying its biggest three-day rally since May, after Nigeria signaled optimism that OPEC will agree a supply-cut deal next week in Vienna. S&P futures are up 0.3%, with the cash index set to open at new record highs.

As of today, 95% of the companies in the S&P 500 have reported earnings for Q3 2016. 72% of the companies have reported earnings above the mean estimate and 55%of S&P 500 companies have reported sales above the mean estimate. More importantly, however, according to FactSet in Q3 the earnings recession officially ended after five consecutive quarters of EPS declines: for Q3 2016, the blended earnings growth rate for the S&P 500 is 3.0%. The third quarter marks the first time the index has seen year-over-year growth in earnings since Q1 2015 (0.5%).

Collapsing currencies, bond bloodbaths, soaring cost of funds, and crumbling crude... Fuck that! Stock indices are at record highs!!!!

Some context for the recent moves...

Before we start, there is this...

And the market knows how crap things are as it prices out any rate hikes...

So the incessant bid for stocks (at record valuations) is...