This week’s news was mixed. While the Fed’s Beige Book again noted the US economy’s moderate expansion, the monthly retail sales and industrial production numbers disappointed. However, Y/Y retail sales still show a consumer that is spending. But the M/M reading on both coincident indicators supports the Atlanta Fed’s weak 3Q GDP projection. As for the markets, several analysts and commenters wrote pieces speculating that corporate profits may have already peaked for this cycle. Assuming this is correct, then the trading malaise of the last few quarters will con