Well, perhaps not literally, but it is high time that the Central Banks started following up on their statements with action. How many times have we heard “We will do whatever it takes to…” or “We have a number of choices to make regarding getting the economy going ….” Can we please do one or two of those things? Right now, getting Europe back on track is mandatory to avoid a catastrophic dismantlement of the euro. And with withering domestic economic numbers, it is time for more action and less talk from our Fed Chairman. 
Markets attempted to rebound on Wednesday after two days of fear and loathing, but extreme weakness in Apple (AAPL) held back the Nasdaq and S&P 500 while the Dow was able to finish positive. Whether this is just a dead cat bounce remains to be seen. Without a doubt, this week has changed the technical picture from bullish to iffy. 
Editor's Note: Walter is the guest author this week. David will be back next week.
Markets have been signaling a willingness to look past the deluge of troubling news and move higher. This is bullish behavior. On Tuesday, market psychology displayed its positivity as initial weakness on bad news was quickly reversed. Rather than demanding that the Fed initiate a QE3, investors seem to be happier with indications from the Fed that the economy might be able to muddle along without it. 
The most recent ISM manufacturing report has left much to be pessimistic about, not that the markets or the media seemed to notice.
First, the headline PMI dropped below 50 (marginally to 49.7) with a drop of 3.8, indicating contraction in the manufacturing sector for the first time since July 2009. It also missed the consensus by 2.3 and was outside the consensus range from Econoday.