It's been the good, the bad and the ugly. I think this period is still going to be ugly for earnings but the market has discounted it.

It's been the good, the bad and the ugly, ... I think this period is still going to be ugly for earnings but the market has discounted it.

The bad news could actually be fully discounted in the stocks themselves,

Theoretically, the incumbent wants the economic recovery to coincide with the election, but really it's a coincidence that those years tend to be positive. I think it's more that there's a good feeling overall during that year -- everyone is promised the world and no one says anything bad to upset the markets.