Bank of America (BAC) came out with a note about November in election years, and thus far, we are holding to the script. The last ten days of the month could hinge more on whether the results are contested than on who wins. Momentum for financial assets seems to favor Trump.

Current market momentum is also part of the shift in consensus on the economy.

Nobody thinks recession is on the horizon and many see a no landing scenario. This notion got a boost this morning with the ISM service report which came in ahead of consensus. Moreover, employment climbed back to expansion from contraction and prices eased.

US ISM Services Index Oct: 56.0 (est 53.8; prev 54.9)

• Prices Paid: 58.1 (est. 58.0; prev. 59.4)
• Employment: 53.0 (est. 48.0; prev. 48.1)
• New Orders: 57.4 (est. 58.0; prev. 59.4)

The heat map looks great with Mag Seven leading the way but widespread participation.