* One piece of positive economic news ISM Non-Manufacturing Index for July surged to 60.3 - highest number in 10 years

* The ADP Employment Report came in at 185,000 jobs, well below the consensus

* June Trade Deficit rose 7.1% - in line with expectations

* June Layoffs rose to 105,696 biggest layoff number in 6 years

* Consumer Comfort Index down to 40.3 second lowest number since November

* The Atlanta Fed dropped a bombshell forecasting Q3 at just 1%

* Given this slowdown, could we possibly have a rate hike?

* The stock market has had 6 consecutive down days

* The stocks with no earnings are doing the best

* Very reminiscent of the dot com era

* The "story stocks" are selling in 2015

* Companies that actually have earnings are experiencing the greatest pressure on their share price

* Every time we have a dip in the stock market, the Fed always comes to the rescue

* Why wait until the economy is slowing down to raise rates?

* They can't do that this time, unless they want to abandon their rate hike rhetoric

* They will have to take the rate hikes off the table

* Janet Yellen continues to say rate hikes are data dependent

* The data has been bad for quite a while

* The economy is growing at the slowest pace of the entire "recovery"

* All the Fed can do is go back to the drawing board with more QE, because they can't admit that it never worked

* The money printing is just getting started

* Not that it is going to work, but it is the only policy remedy the Fed has

* Some stocks are really getting beaten up as earnings continue to disappoint

* This topping pattern has got to worry the Fed

* Any rate hike will accelerate the decline

* We have a stock market bubble and raising rates will prick that bubble

* Ben Bernanke created the stock market bubble thinking the "wealth effect" would cure the economy

* Bernanke would not acknowledge that bubbles weaken the economy because it was not politically advantageous

* The First Republican Debate was held tonight, so please follow me on Twitter for my comments

* Donald Trump is far and away the leader in the polls and he is one of the few candidates who have been critical of the Fed

* The only other candidate in the race who knows anything about the Fed is Rand Paul

* Tomorrow could be a big day - the question is, if we get a bad jobs number, will we finally have a reaction in the currency markets?

 

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