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As the QE campaign it denies starting seems to be having a QE-like effect anyway. Also, next week is an especially important week for economic data. We are cautiously optimistic a trough in readings may be confirmed.

And, with the proceeds, begin the slow and deliberate twist of our equity holdings toward a more defensive posture. As such, a small position in the regulated utility Fortis Inc. has been started.

Although by no means can a deal be considered a 'fait accompli'. Also, the slowdown in economic data looks like it may have troughed - we will continue to monitor closely.

From accommodative central banks, to resilient economic data, our base case remains no imminent recession for the U.S.

Whatever the Fed chooses to call its new bond purchase program, the effect will be much the same as past QE campaigns; also, some quick observations on the Q3 earnings season.