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October has a nasty habit of being very hard on stocks and given the data it wasn’t looking good at the beginning of the month and still doesn’t. At or near cycle peaks mergers and acquisitions often peak and October saw a record 500.1 billion Dollars in announced deals according to DealLogic with many pointing to the Time/Warner AT&T merger as the proverbial bell rung at the market top. Time will tell of course but with 5-consecutive quarters of falling earnings you pretty much have to pull out all the stops in an attempt to keep the party going. This begs the question, when is last call?

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