The news media have gone off the deep end once again with their tone-deaf misjudgment of America’s mood prior to a national election. Tune to MSNBC or CNN and you might think we are all clamoring to see the Central American ‘caravan’ double in size every few days until it reaches the Rio Grande; to have Trump and Kavanaugh impeached; to install Elizabeth Warren or Bernie Sanders in the White House; to take a knee ourselves whenever the national anthem is played; and to revive Obamacare. Let me say it again: If you’re expecting a blue wave in November, you are not living in the real world. So much for politics. Regarding the stock market, it’s still premature to conclude that the broad averages are incapable of being short-squeezed to new record highs. Shares have been unusually weak in October, to be sure, but we should never underestimate the ability of bears to snatch defeat from the jaws of victory with a short-covering panic. It’s coming, as it always does, but the Dow may need to fall a further 1100 points before bears ride to the rescue.