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I still see a difficult first half of the year that will probably spill over into the summer. Sure, we can have relief rallies like we are in right now. But, for me to become more bullish, I would need to see earnings bottom, inflation subside and the Fed to stop tightening monetary policy. Don’t hold your breath.

Our politicians in Washington did what they do best this week by kicking the debt ceiling can down the road until Dec. 16. Until then, we can switch our focus to the Fed’s November decision on tapering its bond purchases. Does anyone have any Pepto Bismol?

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Muscovites queue to buy meat at a butcher shop in downtown Moscow, Dec. 27, 1990. Each Muscovite holds a special coupon which gives them the o…