The Summer The Markets Lost Hope?

by David Frum

Investors and workers have endured a lot of pain over the past two years. But something seems to have snapped in recent days. Bad jobs numbers in the past month, miserable private sector job creation over the whole second quarter, the continuing (accelerating?) unwillingness of consumers to borrow and spend - all that has hit home since May.  From Monday's WSJ:

Many individual investors were tiptoeing back into stocks in the spring. Now, they're running for cover again. ... U.S.-stock funds saw inflows in January, March and April, but net withdrawals resumed in May.

You want the chart? Here's the chart: