Rosenberg Daily Soundbites

• Investor risk appetite is in pullback mode; the euro is slipping and is about to fall below 1.40 as contagion fears come front and center; liquidity in many debt markets globally are drying up
• Market comment: the premise that the market correction from the late-April highs has further to go has gained a lot more credence
• The National Association of Home Builders (NAHB) housing market index is a diffusion index so anything less than 50 signals contraction, and at 13, this is a full-fledged depression in the housing market
• U.S. industrial production came in light at +0.1% MoM, however, the news beneath the headlines was not that bad at all; 
• the unexpected slide in New York Fed Empire Manufacturing index would suggest that all the cries of how transitory the slowdown has been are off base
• Is inflation still a problem? The answer is no