Sometimes, you don’t recognize that you’re getting what you wished for. I’ve been wishing for the stock market to cool-off or take a break for several months, maybe even take a 4-8% dive. The stock market was just too far ahead of the economy.

Did anybody notice that market is actually down 1% over the past month? It is easy to miss because the market has been so violent over that time. Another 3% or so, then I’ll start getting really bullish again. There is a good deal of angst in the market that it will weaken as QE2 ends on June 30. We’ll know the answer to that long before the end date. If we are down only slightly between now and then, it will be party-time again!

Speaking of down, today looks ugly, about 80 points ugly on the Dow. Crazy Khaddafi bombed his own oil facility. More importantly, the credit rating for Spain was downgraded overnight. Most interesting, China reported they actually ran a trade deficit last month, due to the increased cost of their massive oil imports.

No good news this morning . . . except the market is taking a break . . . finally!