The market loves to get reasons for declines.  Today, it was:

• Merrill Lynch’s “timely” downgrade of stocks in the brokerage sector,
• Case-Shiller report on the decline in home prices (what a shocker),
• decline in the Conference Board’s Consumer Confidence Index (no kidding),
• FOMC meeting minutes from August 7th that weren’t hawkish enough, and
• the really enlightening assessment that there were too many bulls on vacation.

Of course, none of this should have surprised anyone.  At some point, investors need to do a little more thinking than the tv reporters and realize that stocks went down today.  That’s it!   Listening to any of these reasons for declines statements of the obvious will not make you wealthier or less poor.