11.   If a recession comes, it will be unusual but not unheard of in a presidential election year.

12.   If a recession comes, then junk bonds may fall further, and the buying opportunity may be better after the downturn is widely recognized.

13.   If it is a warning, perhaps a severe recession is coming, one that will send default rates on junk higher than ever before.

14.   If a recession were coming, you would expect long-term interest rates to fall even as short-term ones were rising, which is just what has happened.

15.   Is a recession coming?

16.   Of course, you would also expect the stock market to fall if a recession were coming, and the Nasdaq composite hits new highs almost every day.

17.   Perhaps a severe recession is coming, one that will send default rates on junk higher than ever before.

18.   Some analyst say that taken together, these indicators suggest a recession may be coming.

19.   That could put a floor under the stock when the next recession comes.

20.   The odds are that the next recession will come sooner rather than later, and it will be different from other recessions since World War II.