Complacency Disturbed

(1) Bad two days in a long bull market. (2) Dow Theory is bearish in theory. (3) Corrections are not required by law. (4) Recessions, not old age, kill bulls. (5) Sanctions against Russia could weaken Europe too. (6) Don’t cry for hold-outs in Argentina. (7) Normalizing Fed policy shouldn’t cause a recession. (8) Bad news on Japanese wages. (9) Terrorists, WTO, and Ebola. (10) Earnings need time to catch up with valuation. (11) Earned Income Proxy at new high, auguring well for US consumer spending. (12) “Get on Up” (+ +).