October has lived up to its namesake. There was a trick two weeks ago and today there is a treat. Japan treated world markets with unexpected easing. The US markets will hit new highs today. The International and Emerging Markets are rallying. We feel that in the short term US markets will be fairly valued after today’s action. Emerging Markets are much less expensive, and to a lesser degree, International markets. The old adage of “Don’t fight the Fed” still works today.