More Bricks

I have seen the writing on the wall
Don't think I need anything at all
--Pink Floyd

Bricks continue to be added to the wall of the economic downturn thesis. Most ominous perhaps is that the Q1 GDP number has been revised negative (-0,7%):

Commercial activity continues to slow, as evidence by this morning's Chicago PMI:

Various consumer confidence series are also turning lower:

Markets, of course, might actually like this, as it implies that the Fed won't be tightening anytime soon--despite the fact that central bank money printing policies are not sustaining the economy.

position in SPX