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[nimblebear]

than last August. The 55ema hasn't crossed down through the 200 ema on the NYA. Yet. From all of the pmi data worldwide, and fairly prolific entrenchment of a slow down, I'd have to say ECRI has it correct with their recession call. It still feels like there is this strong hidden hand though uplifting the markets. For all the bad news, you'd have thought the Dow would have fallen 900 points today, especially with some of the media hysteria. And then people are talking things like the "death of equities." of course that famous pub was on Time back in '79, and we all know what happened after that. I doubt we are there though, and it seems to me retail investors are far more a piece of this market, whether its via 401s, or pensions, than they ever were back in the 70's or 80's. So the cheap talk of death of equities, seems quite an exaggerated statement. All things considered, this seems like a fairly gentle decline or correction that's been occurring since early May. Maybe its gentle because everyone knows QE is coming. One thing that will NEVER happen (and I hate to use NEVER) at least for the next 3 years, is Benny boy certainly isn't going to raise interest rates. Even though that'd be the right thing to do, too many people would feel violated. It would certainly cause de-levering to occur at a far more accelerated pace, and we wouldn't have this stagnant level of malaise that permeates the air, each and every day we keep kicking the day of reckoning our farther. i'd shocked if this doesnt end soon, and we see the usual sharp rally. no doubt whatsover about a contraction in consumption.