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Looking for deeper insight on markets?  In tonight’s Closer sent to Bespoke Institutional clients, we illustrate how October has been one of the most frustrating stock market in history. We also note the US dollar starting to materially outperform equities, another bad sign for risk sentiment. We then move on to housing, with a four page look at housing affordability. Using a detailed analysis involving median incomes, both new and existing home prices, interest rates, and private mortgage insurance costs, we make the case that housing affordability is not facing a significant headwind from interest rate upticks, though there is less scope for appreciation than at other points in history when interest rates were lower or down payments a smaller share of income. We also take a look at the brutal new home sales data today and weekly EIA data on petroleum inventories.

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