The rumblings continue. Canada warns about deflation. China PMI contracted. The Nikkei fell and the yen got stronger. In Europe, the ECB's Draghi told a newspaper that "the risks of deflation or inflation are limited," and added that he isn't hugely worried about either (sounding completely out to lunch). But probably the biggest news, socionomically, was that Justin Bieber got in trouble with the law again.
Bieber's slow motion train wreck, in my opinion, continues to be a stern warning for the market. He appears full of youthful spirit and vigor yet is spiraling out of control with drugs, bizarre behavior, and now DUI (after getting busted for drag racing).
Just as the markets levitate higher on "great earnings" and the "strongest corporate balance sheets ever" few want to realize that the markets are being forcefully inflated by the Fed. This begs the question what will happen when the stimulus is removed.
I still do not think we've seen the end of the run, but it's getting ever closer. The futures seem to have declined overnight in another 3-wave correction. Prices still have not tested the 1829 level on the S&P cash. I'm still looking for higher prices, but I admit that the market may have a trick or two up its sleeve before it gets there.