This column originally appeared on Real Money Pro at 8:26 a.m. EDT on April 5.
NEW YORK ( Real Money) -- Last night, I was on "Fast Money" with Melissa Lee, Tim Seymour, Guy Adami, Pete Najarian and Karen Finerman.
The message I presented last night was that the liquidity rally (in place for several years) was over and that it's time for Mr. Market to meet Mr. Gravity!
- Warm weather has pulled forward retail sales.
- The 100% tax credit, which expired on Dec. 31, 2011 and has dropped to 50%, has likely pulled forward business spending.
- Though the labor markets are in a clear recovery (off of a low base), other indicators are more ambiguous -- factory orders, industrial production, durable orders and personal income are disappointing, while aggregate manufacturing inventories such as autos (at General Motors (GM), in particular) are high. Wednesday morning, the ISM monthly services report disappointed, and, as Sir Art Cashin pointed out, the orders and backlogs were especially weak.
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