Trees don't grow to the sky  forever; and we've address that. But the S&P this year is no average tree; it's more like Rockefeller Center's. Of course it took more lights that usual to trim 'that tree' and at some point you place the final ornament on-top of the tree; capping decorations.  

So it is with the S&P; at some point the tree ascends sort of like a tree's 'angle of attack' steepens (no allusion to the 737 Max intended). And it gets to a peak before .. well... the decorations have to stall as there's a minimal amount left to complete.  

The trick this year has been to recognize that the big-cap leadership (a veritable handful of stocks) were leading the market; while the elves that were needed to fully trim the tree were probably drinking last holiday's cheers; only recently showing up to help with remaining decorations.  

So as we move toward year's-end and into early 2020; we'll see if all of this really 'caps' the market like an ornament on a tree. But of course, it gets more 'skittish' as I've sometimes said, once you get overbought (or fully decorated); as at that point any exogenous event (or credit market shift perhaps) can dislodge the decorative peak ornament (the S&P) as some sort of pullback unfolds.  

However even that will likely be contained, unless or until we get to the point where interest rates star ticking-up, which is one significant way I depart from those who see a smooth glide-slope entirely through 2020. But again; that's something I've expected to be a positive if absorbed in a constructive way (when the Fed tried it a year ago it was premature, and in fact assisted our getting an important 'capitulation' right into the Christmas Eve buying opportunity amidst panic that among some of the hedge fund crowd has remained wrong-headed all through 2019).  

I suggested before the majority picked-up on it; that Christine Lagarde of the ECB would take the helm of leadership in monetary reform and it amused me that she used the same words I had attributed to her before she proclaimed at a news conference that she was neither a dove nor a hawk, but an owl. I thought Fed Chairman Powell hinted at reformative change just the day prior at the FOMC news conference.  

Bits & Bytes: sadly looks at Boeing, which has huge payouts due to a slew of airlines because of their delayed scheduling; United being now the first to not include bookings until June of 2020. That's not to say you won't see the aircraft re-certified and in-service sooner; but they know a lot of people (especially tourists) book way early; and they won't have a sufficient seat availability so don't want chaos; hence the ample delay.  

Or at least it's considered sufficient. And once the aircraft returns I will remain skeptical and avoid flying it. That's because the core problem isn't 'merely' over-controlling anti-stall software; but poor basic design (those relocated engines that threw-off the center of gravity).  

So when analysts become so enthralled with Delta (talking of a split), even more so than I (a loyal Delta flyer for decades), I ponder if part of it is business from American and United they've gained; along with the fact they never ordered a single 'Max' (and happy of it even though Mr. Ed ... Bastian.. the CEO... says he wouldn't hesitate to fly on it after a re-certification...and I hope they do NOT buy them as many will be for sale cheap by airlines who would be quite willing to adjust their fleets).  

So the point is some of that Delta solid-booking will ease as passenger traffic gradually reverts to the other carriers (responsibly some booking services will clearly indicate aircraft types.... where in the past they did not; Delta always did on their own website and App; and I always check on equipment; as I do have preferences; 787, A350, A330, 777, 767, 757, A220, and then 'regular' 737's .. roughly in that order incidentally). I would add 747; but aside my Florida-London flights; they're basically vanishing; as Virgin Atlantic replaces them with A350's or 787's. 

In sum: now my 'credit market' remarks are not to say we can get away with a 'tapering' of policy next year by the ECB or Fed; but the BoJ just may be the first to attempt it, as we saw more hints about this week.

So yes I am well aware of issues that 'lurk' in this market; and have for some time talked about those; but with conclusions (all year) that differ with the degree of risk faced by the S&P. Some of that may shift a bit in the new year.