If you only looked at the S&P 500 (SPY), you would think Monday was a surprisingly boring day. In fact, you might think that it was a bullish day given buyers picked up the index off 50-day moving average (DMA) support.

Moments ago TWTR reported Q2 earnings which beat EPS expectations of a 1 cent loss, posting non-GAAP EPS of $0.02.

There has been a great deal of talk about the housing recovery. Sales of existing homes steadily rose between mid-2011 and mid-2013 on the back of a weak U.S. dollar and an increase in the money supply.

Economist Hyman Minksy argued that when a private sector accumulates too much debt, an economic system buckles. Supporters of his theories point to the catastrophic effect that sub-prime mortgages had on the 2007-2009 U.S. economy.

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?

When U.S. stocks have struggled in 2014, the pattern has had a familiar ring to it. Small-caps have fallen harder than large-caps. Growth-oriented equities have dropped more precipitously than value-oriented equities. Meanwhile, consumer Internet assets have jumped off the proverbial cliff.