Looking Forward to 2021

(1) We didn’t start the fire. (2) Updating Billy Joel’s list of troubles. (3) M-PMI drops below 50.0, but not to recession level. (4) Regional business surveys also weak through September. (5) Exports index takes a dive. (6) M-PMI signaling S&P 500 revenues recession, but NM-PMI remained upbeat through August. (7) Meanwhile, S&P 500 forward revenues and earnings at record highs. (8) Forward profit margin holding steady around 12.0%. (9) Another regime change ahead: From community organizers to deal makers to central planners? (10) Catching up on Elizabeth Warren’s 45 plans.