The ISM non-manufacturing number was a little bit above expectations. That would support the idea the consumer and cyclicals that benefit from the consumer are the leadership today even in a down market.

Michael Arone

Earnings and the economy have taken a bit of a back seat relative to the rising tensions in the Mideast and investors are keenly focused on what might happen there next.

It's hard to take too much away on a day like today. But to me it's indicative of this idea that potentially you could have an inflation scare in 2020 and perhaps investors are beginning to position themselves for such a scare.

Even today with lighter volumes and high absenteeism, gold has breached $1,500 and energy stocks are starting to rise a little bit, it's hard to take too much away on a day like today. But to me it's indicative of this idea that potentially you could have an inflation scare in 2020 and perhaps investors are beginning to position themselves for such a scare.

Even today with lighter volumes and high absenteeism, gold has breached $1,500, to me it's indicative of this idea that potentially you could have an inflation scare in 2020 and perhaps investors are beginning to position themselves for such a scare.

This was a very solid report and should put those fears of recession firmly in the rear view.

This certainly contributes to the idea that the U.S. economy is doing better than most folks would give it credit for, this was a very solid report and should put those fears of recession firmly in the rear view.