The third and final U.S. Presidential Debate was Wednesday and the general consensus is that Hillary Clinton was the winner (although the impact of later debates tends to be less than initial ones).  The reaction in the markets was a virtual yawn and it appears that investors moved on.  Any market movement in coming days will likely be reactions to other headlines including that U.S. jobless claims increased after spending several weeks at a four decade low or that the European Central Bank (ECB) is keeping its quantitative easing program and interest rates unchanged.  While we have seen some predictability in the market this should not be confused with health or strength. We have observed a persistent pattern of fragility, including a U.S. market, as measured by the S&P 500, making lower highs and lower lows, that has become more apparent since this Summer. Interest rates, both policy and market, are near zero and in some cases negative, equity and bond market valuations are full or extended based on several common measures, and the policy cupboard is becoming increasingly bare. Our concern is that there is little that would be welcomed by the market in either candidate outcome, and given tenuous fundamentals and economic conditions, capital markets could react adversely to any unexpected bad news.