What has been going on is a very sharp reaction to a slowing economy.
The bears are going to have another miserable day, and they deserve it. The economic news points out that the economy is slowing from the over-heated pace in the first quarter.
The economy is showing definite signs of slowing down to a healthier rate of expansion. I think the reason, good or bad, could be laid at the feet of the Fed.
The market has been trying to adjust to signs of a slowing economy and a deceleration in the growth of earnings, not a deterioration a deceleration, ... We were doing better until the election snafu came along and gave a just recovering patient a relapse.