An interesting twist today when the LEI came in with a decline two times greater than expected.  According to the overarching narrative, it was bad new, and that should have countered the higher revision in GDP.

But maybe, we are at the point where markets react to the fact there is going to be too much carnage. And when the Fed wakes up, it will take yeoman's work to contain the aftermath. 

I have a hard time believing smart long-term investors are overreacting to slight adjustments on three month old data. Maybe, it's smarter to be looking at the data three months down the road.  The irony is the Fed loves what its seeing today.  Now all it needs is to see a couple million people lose their jobs.

This is tough sledding, but focus on fundamentals when everything is getting hammered. In a $23 trillion economy, there are huge winners. So not every stock is garbage- they are throwing out the gems, too.