What is also clearly striking to us in the table is energy and utilities. The piece we wrote regarding oil a few weeks back factually documented the decline in refinery and energy production capacity in the US over the last decade. Catch a minimum wage worker at the gas pump and they may have a slightly different take on life. Much like the table above, one of the best ways to try to gain some perspective in viewing change is to take an aerial view as opposed to a tick by tick count of activity. We are talking about unit demand and price.
Currencies just exacerbate the issue.
The early warning signs have been there all along. The Intel stock boulder already displayed deep fissures, well beyond hairline cracks. Only to the speed demons that never look up. It's not just Intel. The signs are all around us that broad infatuation with technology stocks is getting long in the tooth.