Allow us to say no. Allow us to say that we do not agree. With who? The vast amount of the financial media cadre speaking on television. True, we shouldn’t be watching television to begin with. But if we listened to what we were being told we might believe it was wise to run down the block with a checkbook and open an equity trading account in order to go long the entire market. Again, allow us to say no and that we do not agree.

While Wall Street stays near its highs, while some corporate earnings appear to be better than expected, allow us to say not everything is sunshine. Why did Caterpillar refuse to offer forward looking estimates yesterday? Why did UPS miss their marks? What is going to happen to the Municipal Bond market if the Detroit bankruptcy is officially allowed to go forward? What does the disappointing data from China mean? Who is going to be the next Federal Reserve Chairperson?

While the Durable Goods Orders beat expectations today, the Core Durable Goods Orders data came in below expectations and the previous month’s total was revised downward. Yesterday’s New Home Sales number beat its forecast too, but it also had its previous number revised downwards from the previous month. Ohhhhh, Facebook did well per its quarterly report, but is that what the global economy is being based on nowadays, a smiling Mark Zuckerberg? Do you believe? Who do you believe? The media that is seemingly selling tickets to Summer’s Great Confidence Game and puffing out their chests that happy days are here again have been heard saying today that Spain is on the mend because its employment situation is improving. Yes, the Spanish Unemployment Rate has dropped to a mere 26.3%. Pardon us while we choke on our paella. Europe has survived another year with the EUR. The continent has not slid off the planet true. But is Europe more competitive economically than it was last year? Is the American economy vastly better off than it was in July of 2012? The answer to both is probably not.

The EUR has traded in place practicing a fairly good range dance the past twenty-four hours. The GBP is stronger against the USD. Gold as of this writing is down slightly. The precious metal is near 1323.00. Crude Oil is also under a bit of pressure.

The future is not known. But a study of history always serves as a good guide. Digital Markets Advisor believes that not enough people are paying attention to a few core problems, an American economy that is not as strong as it is being said to be by many. A lack of European competitiveness which does not allow it to grow and continues to make it falter particularly under a shadow of heavy debt. And a Chinese economy that is starting to struggle.

Summertime and the living is easy, but do not discount the fact that the clock is always ticking.