A Manic Wall of Worry?

NEW YORK (TheStreet) -- For the last 25 years while I've watched the stock market, most of the time when it was rising (or was just about to rise a lot), people were worried. Last year there was plenty of talk about Wall Street's "Wall of Worry" as the market rose, but as we rallied from the recent lows of this correction nobody has mentioned it.

You'd think since we did cross above the 200-day moving average on the upside that somebody would have at least asked the question, "Is what we have today the beginning of a wall of worry?"

Instead over the past two months we've come close to repeatedly jumping out the proverbial window on huge fears moving from one issue to the next almost weekly, only to find whatever we worried about last week wasn't actually worth jumping out a window over. Not to worry because we have since forgotten last week's issue and have something new to worry you about. Usually good for media ratings, traders and those long volatility, but few others.

In fact other than a few lousy (but not horrible) economic reports mixed in with some just fine economic numbers (and some great BRIC numbers), the only reality we've seen behind any of the things we've worried about is the Gulf oil spill and a flash crash lasting minutes.

If you recall, by now we were supposed to have a European Lehman. Greece, Portugal and Spain were supposed to bring down the world's economy. Even though Europe's been around forever it was going to implode and fall off the edge of the earth. The euro was supposed to go to parity with the dollar. China's supposed housing bubble was going to pop and China's growth was supposed to slow too much. Even poor Hungary came to the forefront again as it did in 2008.

We worried about a lousy jobs report even though we have a 20% chance of having a lousy report each month in a bull market. We over fretted about a lousy retail sales number that was largely predicted by analysts. Today we're worrying about housing numbers that should have been predicted (more on that later). We've worried about so many things now which have had very little in the way of teeth, that I'm sure I'm missing some of them.