In addition to bad data, Saudi Arabia gets added to the reason du jour for the stock market route today. And there was no late-day rally to bail us out.Hey, Saudi Arabia was only firing rubber bullets into the crowd. Why the worry?
Well, the one day Day of Rage is on tap for tomorrow. And the way things are going in the Middle East, does anything get settled in one day? And do investors want to be long with a weekend ahead of them?
The good news is that these are external fears that may be short term in duration and may not have that big of an impact on our economy. Too early to tell what this means for oil prices. Oil was down big early on bad data, but recovered some on the Saudi worry.
So, tomorrow will be interesting. We keep having rallies that rescue us from the brink of a correction, but doesn't it feel like that's coming to an end?