Towers of Babel

(1) Kenny Rogers’ advice to investors. (2) Updating the case for a correction in a secular bull market. (3) Valuation is more reasonable and sustainable given low inflation. (4) Revenues and earnings remain on 7% uptrend line. (5) S&P 500 Transportation index is down big, while transportation indicators are up big. (6) Americans are driving more, probably to go shopping. (7) Temporary factors depressing inflation might not be so temporary. (8) Import prices are deflationary. (9) New towers reaching for the sky tend to be bearish. (10) Tower of Basel. (11) Lots of babel about stock market outlook, FOMC vote this week, and oil prices. (12) “Straight Outta Compton” (+ +).