The Market Is Getting Pounded, But There's Some Good News That Isn't Getting Any Attention

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The market is getting pounded a little bit.The Dow is down 90. The S&P is off 9, in danger of dropping below 1400.

The big story of the day is BHP’s warning about mediocre Chinese demand. That’s getting all the attention today.

There is some good news not getting much attention.

Both ICSC-Goldman and Redbook say that year-over-year spending growth for the latest week was 3.3%, which is quite solid, and not hinting at any kind of gas-related slowdown.

Still, it seems, for now the China news is the story of the day.

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