My friend Rob Parenteau says "most professional investors are high frequency macro data and short run asset price driven."  He basically means they have no real macro analytical framework to use when making investment decisions. Rob says "it is just a video game for them, where they trace and extrapolate the recent momentum." Rob is talking about recency bias. And I agree 100%. Recency bias was also on display on the way down I might add.

So given the spate of underwhelming macro data coming out of the U.S., you should be asking yourself why is the economy so weak? Answers like "Businesses are losing confidence in the President" or "the tax picture is unclear" will get you gonged. Even the somewhat better "aggregate demand...