Human nature: Investor psychology keeps repeating the same cycle.
Election cycle: Q4 midterms and Q1 pre-election are historically strong for the S&P.
Memory stocks: The group trades at a 2-year forward P/E of about 4x.
Oil inventories: The world just saw a fuel draw with no parallel in the record.
Defensive stocks: Nobody is hiding in staples or utilities right now.
Credit echo: Today's setup is starting to rhyme with 2007.
