The U.S. economy has been growing at an annualized pace of roughly 2% since the current expansion began in June of 2009. Gross Domestic Product for the first half of 2014 hovered around a paltry 1%.

Back on April 9, I talked about a “Great Rotation” away from momentum plays (e.g., biotech, Internet, small-cap growth, etc.). Where did the smart money go?

The preliminary "Flash" PMI reading from HSBC and Markit has dipped below the 50 line which marks the division between expansion and contraction. The contraction for January was the first in six months. Among the effects resulting has been global stock market declines