Yep, slow growth. Employment not strong at all. Business seems to be slowing. But not a recession. Greece on the brink. Europe struggling with potential defaults. Banks under the gun from federal authorities.
So what else is new, other than we have run nicely knowing most of this litany?
We've had a terrific rally on nothing special except for earnings. The earnings have mattered, do matter and will continue to matter. So think of that during the selloff and remember that the negativity despite the run has been high.
We are dealing with the same thing over and over again. There are days where the negativity gels and the data sends you lower, sometimes dramatically lower. And then there are days where the earnings come through and we realize we were too harsh.
Today is not one of those days.
Of course, the bad days are always complicated by an individual government action. Today it's the review of the mortgage REITs by the Securities and Exchange Commission. How sad that they choose to review these products, of which the worst ones have gone out of business, instead of the ETFs and double ETFs and triple ETFs that cause the acceleration to the downside and upside, both destroying confidence, because they make the market seem so phony.
And the bad days send the energy complex and mineral complex down, even as we have seen, endlessly, that the demand doesn't really die for them, and frankly, it doesn't even slow down.
You think oil down $3 isn't a buy? You think that it doesn't bounce back on any piece of data going forward?
So, let it come in. But remember, there's not much new here, and unless you think that governments worldwide are filled with people who want a recession, by Wednesday much of this will be forgotten.