Global economic activity remains good -- noise about China slowing, notwithstanding -- and despite the ObamaCare debacle, non-Christmas-related consumer spending looks pretty good. Europe is still Europe and China continues to grow 7-8 percent -- even as the government seeks to clamp down on its own shadow banking system. And India remains a mess.

Global economic demand remains solid - even if you couldn't tell by recent third-quarter results and despite all efforts by U.S. politicians of both political parties. Let's go through what happened and what is coming.