Another day, another new high. Ebola, Ukraine, ISIS—nothing has killed this rally. It's the 39th time this year the S&P 500 has closed at a new high.
We also have record earnings, near-record profit margins—9.7 percent for the S&P 500, well above the 10-year average of 8.5 percent—and declining unemployment.
Several beaten-up sectors have rebounded nicely. Housing stocks in particular have been on a tear recently The SPDR Homebuilders ETF is above its highs in the late summer and not far from an historic high.