Wild Blue Yonder

(1) David Bowie’s scenario for stocks. (2) Valuations are flying into the wild blue yonder. (3) Blue Angels and the stunt plane. (4) Icarus and Major Tom. (5) Revenues and earnings have come back to Earth, but are still flying excluding Energy. (6) Joe confirms earnings rose 11.5% y/y during Q1 excluding Energy. (7) Not much spring in consumer’s step. (8) Four theories for why consumer spending is disappointing.