Today's Headlines: UGLY!

"Welcome To The Contraction": Q1 GDP Drops By 0.7%, Corporate Profits Crash

 U.S. Households Under Pressure: Stagnant Incomes, Rising Basic Expenses

Is Bad News, Bad Again? Europe And US Stocks Slump

GDP Report Confirms Global Trade Is Crashing, And Why That Is Good News For Some
Consumer Sentiment Slumps To 6-Month Lows, Current Conditions Tumble
Chicago PMI Bounce Is Dead, Crashes Back Near 6 Year Lows

How Japan's Unemployment Rate Dropped Even As 280,000 People Lost Their Jobs

Kiss Your Pension Fund Good-Bye

Martin Armstrong explains that a Supreme Court decision opens the door for the government to confiscate all private pension funds.

"Monday’s unanimous ruling sends a warning to employers that they now must improve their plans, as it is now an obligation to project employees. This comes just in time for the next step is government to seize private funds and prosecute employers who poorly chose a fund manager. This fits perfectly, and is just in time for the Obama Administration’s next assault as they prepare a landmark change of its own by issuing rules requiring financial advisers to put the interest of customers ahead of their own. This creates a very grey area wide enough to justify public seizure of pension funds under management."

Read the rest here. 

Stocks Sell Off In Heavy Volume

The VIX spiked today, with stocks selling off in heavy volume. The Dow closed down 190 points. A word to the wise...