Simply nowhere in the mass media have I seen it reported how strong third-quarter earnings were. Roughly two-thirds of firms reported higher earnings through Nov. 25. Also, two-thirds reported earnings stronger than analysts' latest expectations. Yet we only heard about the laggards. Excluding financials, 67% of companies reported earnings better than the year before, and 68% exceeded expectations.

On Oct. 13 the S&P 500's dividend yield was 3.74%. That means it exceeded the yield on the ten-year Treasury note for the first time since 1958. Did you see a headline about that?

Business inventories are at record lows for the start of a recession, and that fact should make the recession milder. These times will pass. Because stocks are so cheap, a big bull market will emerge.

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