Bottom Line on Top Line

(1) Another geopolitical crisis, another buying opportunity. (2) The Chinese may actually want a deal, while Boris Johnson’s no-deal Brexit may be on ice. (3) PMI picture not great, but not bad for S&P 500 revenues. (4) Upbeat services industries offsetting downbeat manufacturing in the US, and overseas too. (5) Weak auto sales in Europe and China are a big part of global manufacturing’s woes. (6) Latest batch of labor indicators is a very mixed bag. (7) Our Earned Income Proxy jumps to another record high. (8) Consumers are in good shape.