Economic growth has continued to accelerate and the Atlanta Fed is forecasting over 3% real GDP growth for Q3, but Stock Market Capitalization to GDP is close to the highest ever recorded. This could possibly suggest near zero returns for stocks over the next 7-12 years. Moreover, leading economic indicators are continuing to decline, with transports andsmall capitalization stocks weakening against the broad market. This creates reasonfor concern, as these segments tend to lead the broader market trends. It will be interesting tosee how the Fed’s tightening path affects leading indications of economic growth.