The stock market is always trying to climb a Wall of Worry. Today, the Wall was very tall, indeed!
The day began with North Korea rattling a very loud saber. It continued with lots of unrest in Ireland about the pending, distasteful austerity package they have to swallow. It finished with conflicting economic data in the U.S, as well as the realization that our stock market has already gone up enough and needed a pullback.
As a result, the Dow dropped 142 points today. I’m surprised it was not worse.