The lay of the land for the indices is solid. The rally has broadened significantly as evidenced by leadership in the S&P 400 mid caps and Russell 2000 small caps.

While official nonfarm payroll employment has grown a healthy 600K from January to September, the implied benchmark revision has only grown 400K over the corresponding period.

Silver has been outperforming gold, and the gold/silver ratio is falling hard. But it remains above past averages, which means it’s still undervalued, both on its own and relative to gold.

25Q3 Y/Y earnings are expected to be 15.0%. Excluding the energy sector, the Y/Y earnings estimate is 15.8%.