Denial is the first stage of grief

The five stages of grief are denial, anger, bargaining, depression and acceptance.

If the bull market in US equities died in May of 2015, we are now in stage 1, denial.

Here are some recent headlines:

Markets’ Panic Incongruent With Economic Reality

Markets Are Scaring Themselves

Recession Warnings May Not Come to Pass 

Assets markets all over the world are in decline. There are two possible explanations. First, the prices are wrong; they are being set irrationally and are out of touch with economic reality. Second, something wicked this way comes.  You know what Chicken Little believes.