Rosenberg Daily Soundbites

• Equity markets are mostly up across the board in Asia; the ‘buy the dips’ mentality grew stronger during this corrective phase; bonds have found a tentative bid again after yesterday’s sharp selloff
• The U.S. consumer spending report for May came out yesterday — the big falloff has been in big-ticket durable goods
• The market’s lack of understanding of the depth and breadth of the problem is beyond comprehension