Thoughts

Today we have learned that Peter Falk has passed away.

Rest in peace, Lieutenant -- That was a great show.



As stocks continue to descend, here are some questions that come to mind.

* How badly has the macro hedge-fund community been hit in the month of June?

* Will there be redemptions from hedge funds, serving to adversely affect late June and early July trading as lquidations occur?

* Will strategists lower their 2011 S&P earnings and price target forecasts? And when?



Taking off a "monetary stabilizer" of QE3 from the table (though keeping on a ZIRP policy) at a time when the emerging fiscal headwinds (with austerity measures associated with addressing fiscal imbalances at the local, state and federal levels, as well as in Europe) represents challenges to economic growth and stock market valuations.