Let's look at today's bullet points--because we'll need a lot of sugarcoating!
- ISM Manufacturing PMI 52.6
- Higher unemployment claims
- Ugly auto sales-from 14 to 9 million annual sales (thank cash-for-clunkers for that!)
- PIMCO declaring the end of California and the world
- Doug Kass and his bearish ruminations
- The IMF report especially the re-remic section (pages 106-110)
- Goldman ups job losses for tomorrow to 250,000
- Bearish trading action by the HFTs and SLPs
- Goldman downgrade of MSFT (helping to nudge the NAZ downward)
- The latest Business Week cover-a giant contrary indicator unless I flip it upside down. (Or maybe they are just playing both sides like David the "Devil's Advocate" Rosenberg!)
The only plus is that the average pullback on this market run has been around 6%, and we are already getting close to that.