The Black Box

[mjk]

I don't think the fed needs to raise any further, and I doubt they will...every piece of data coming out suggests a slowing housing market and economy, and the past few hikes haven't even rippled through yet. ppi was tame, half the rise in cpi was due to a quirk in how shelter costs are measured...

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B06FC27E0%2DAFD4%2D4555%2D86A6%2DB74788186F4....

there was no way the dow was going to go straight through the all time high without some kind of pause...I thought we'd get a week or so drop to draw in more shorts before it pushes through...I think it's close to done now but may need a couple more days, and it's obviously got the bears awfully confident now that any rally can be shorted...I think we'll see at least 12500 in aug.