A complete reverse of the situation since 2009.
The recent weakness in markets is pretty interesting because it comes right as several economists are cranking up their measures of economic momentum.
For example, here's Nomura showing a big spike in economic momentum in September in the US.
And yet on the corporate side, what we see is this: By far the weakest quarter for earnings and revenue beats since the crisis.
So here's something that we've not seen anyone discuss: What if we finally start to see the domestic strength everyone's been waiting for, right as the stock market picture deteriorates.
Since 2009, we've had the flipside of that: Weak labor, amazing stock market and corporate performance.
So the flipside is possible: Strong labor, strong wage growth, strong housing, mediocre stock market performance.
Anyone see that coming?