June Swoon

After ignoring reality for months, Wall Street is finally waking up to the verity that the economic picture is not sunshine and roses. Dow is down 233 points, hitting new lows within the last 2-3 minutes. It must be difficult for Wall Street traders to acknowledge that in just a few more weeks, the Fed is going to remove another punch bowl, and they will be on their own precisely at a time when the economic picture is rapidly degenerating.