New Data

It seems that Chinese cities are concerned with runaway lending and have tightened mortgage standards. I expect more of this.

Apartment vacancies are at a 22 year high. This is very deflationary, and is extremely bearish for commercial real estate and bank loans.

If adjusted for the drop in hours worked per week, the economy lost the equivalent of 800,000 jobs in June, which would have been a record.

According to the BLS, the economy produced a record low number of new jobs last month.

Almost 650,000 people have used up their 6 months of unemployment benefits without finding work. This is a nightmare for consumer spending.

Looks to me like the market is going to have a tough time with these fundamentals. Let's see if it comes through in earnings season.