It didn't break down!
Sure, some of the bigger-cap stocks were crushed and there was a lot of precarious action. The rig count bounced up again. The restaurants tanked. The banks are back to freefall nature.
But in the end it didn't collapse, even as it should have with all the uncertainties ahead.
I mean, what happens if the Chinese industrial production and retail numbers are soft this weekend?
What happens if interest rates keep going down? Aren't we going to start hearing about a recession?
I remain convinced that we are going to tread water until we get some definitive information that some area of the international economy is actually doing well or until the euro starts going up against the dollar and oil stabilizes.
None of those is a shoe-in. Probably the most realistic thing that happens is that we mark time, work off the overbought conditions and proceed apace provided that oil doesn't break down to the low $40s.
If it does, then we're going to give up what we have made for the year, and then some.