In recent months, I've noted many times in this space the importance of the U.S. consumer and that many of the recession calls were likely premature because the market has not absorbed material deterioration in consumer data to date. I'll stick by that thesis because the preliminary September sentiment reading seems to indicate the August result was a bump in the road, not the start of a negative trend.

Likely adding to weakness in stocks is ongoing momentum for value stocks, which will plague growth fare. Count me among those that need a little more convincing that value is “back,” but the factor has been topping growth since early August.