Waiting for the Other Shoe

(1) Fed is also market dependent. (2) The “dot plot” connection. (3) Catch 22 for the Fed. (4) Our accounts think this correction is more serious than previous ones. (5) Plunge in Financials is cause for concern. (6) Bull/Bear Ratio down to 0.63. (7) No recession in GDPNow tracker. (8) Plenty of job openings, and lots of quits. (9) The Chinese people are mostly happy and shopping, according to Nielsen. (10) Lots of known unknowns in credit markets. (11) Some good news in S&P 400/600 revenues. (12) Lowering our S&P 500 earnings and targets. (13) Falling out of the Cloud. (14) Lots of worries weighing on Financials. (15) “Stay Home” in outperforming housing-related stocks.