Domestic airline stocks continued to lag the market in October, but many are no longer in stinker territory. American and United in particular have recovered a lot of lost ground, although both are slightly negative on a year-to-date basis. The broader indices are showing a modest return, but many analysts expect a lot of volatility before we ring in the New Year, especially with a possibly turbulent election and unpredictable policy outcomes. Oil prices are holding on to this year’s gains. The decline in interest rates YTD contradicts the optimism of consensus opinion about the strength of the economy. Rate increases are continually talked about but do not materialize. What are the policy makers seeing but not saying?