Q2 GDP growth came in at 2.6%, down from the consensus expectation of 2.9%.
The growth of the economy has turned down.

The market thinks a moderating pace of growth is good—but is it? That depends on how far the downturn goes. And at this point, I don’t think anybody knows.

I think the market OUGHT TO price in this uncertainty. Stocks look overbought to me, and an October surprise to the downside would come as no surprise at all to me.