Soft Patch or Mud Pit?

(1) Short-lived relief rally. (2) Bears growling about “stall speed.” (3) S&P 500 revenues up 3x faster than nominal GDP! (4) Earnings are flying, not stalling. (5) The 1930s on Prozac? (6) Running out of antidepressants. (7) Back to (the new) normal. (8) Bearish cover stories. (9) Depressing news must have depressed purchasing managers in July. (10) No more games of chicken, for a while at least. (11) A review of July’s bad batch of PMI data.