Bull market enters fourth quarter with just about everything going its way

The bull market continues to command respect. Most investors are now granting it, some more grudgingly than others. Start with the S & P 500 's 20% gain for the year, averaging more than one record high per week, the index surviving unharmed through nearly all of the supposedly scary month of September.

The notion that the valuation excess is all in the Magnificent Seven giants isn't quite right, the other 493 stocks as a group sit above an 18 multiple. For sure, valuation says little about market fortunes for months or more in the future, and multiple compression tends not to hit too hard with the Fed easing and earnings headed higher. Still, the starting price has something to say about longer-term returns and the market's ability to absorb unwelcome news.

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