The end of July usually marks the quietest time of the year for markets. Big-shot bankers are away from trading desks, presumably loading up for August in the Hamptons.
This year isn't so quiet. The slowdown beginning in May is now more trend than air pocket, and every new data point matters. This morning's news of sub-par second-quarter U.S. gross domestic product (up 2.4 percent, with half of that by inventory accumulation) has hit stocks and helped bonds and mortgages.