It is September 2014 and all is well. Or is it? The U.S. stock market set a new all-time high earlier in the month and is less than +2% from striking another fresh peak despite some modest weakness in recent days. The uptrend in stocks also remains firmly intact and is supported by an economy that while sluggish is still plodding along. But despite this generally placid appearance on the surface, some notable signs of deterioration are growing underneath that warrant close attention in the days ahead. For it is possible that something much more substantial to the downside may be slowly starting to brew.
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