There is now an uptick in strategists and economists who were talking about a soft landing for the US economy, although few are willing to put such a notion on the record.

But last week, it saw a month to month decline in employment, sharp pullback in wage growth and ISM service slipped into contraction. The precipitous drop in prices paid in the ISM earlier in the week points to an economic freefall.

This morning, the NY Fed released its survey of consumer expectations which saw one-year inflation down to 5.0% from 5.2% in November and 6.8% in June.

More intriguing to me is while households see income rising, spending is lurching into free fall. 

Interestingly, JP Morgan is now saying 'excess savings' are under $1.0 trillion.

In the words of Rick Ross, we are blowing money fast.

I like how the market is holding here.