The Bulls Hit A Brick Wall: Here's What You Need To Know

crash test

Ok, the Goldilocks run couldn’t last that long, could it? It actually wasn’t horrible, though the NASDAQ really got whacked.

First, the scoreboard:

Dow: -38.40
NASDAQ: -24
S&P 500: -8

And now, the top stories:

  • Things got started off on the right foot today. Overseas markets were all up, though mostly on no news. US markets we’re higher in the early, early going.
  • But not surprisingly, the wheels came off once the macro-econ started coming. Durable goods orders came in light.  Later in the day, The Fed’s Beige Book came out, and confirmed slowing in multiple districts.
  • A Japanese oil tanker may have come under terrorist attack in the Persian Gulf.
  • Bill Gross’ monthly letter warned today of major demographic crises ahead. We disagreed with his assessment.
  • Arcelor Mittal came out with decent earnings, while providing a healthy snapshot of global demand. Surprisingly, the only real slowing is being seen in China.

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