The stock market rally got mugged by economic realities and a global slowdown

So much for the rally. On Thursday, the S&P 500 got within 2.4 percent of its historic high only to tumble on Friday. We got mugged by slower global growth again.

While we do have a dovish Fed, that factor is now priced into the market. The president has made clear there may be no immediate reduction in tariffs, and the European manufacturing data — particularly Germany — was so bad that 10 year bond yields over there went to zero. So, the bull narrative is running up against reality. If this weak global economic growth narrative stays with us, it means stocks are pricey at this level.

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