Following a big drop in April (revised worse), May's preliminary durable goods orders tumbled 1.1% MoM (the worst since November). Across the entire report, numbers disappointed with Capital Goods Orders and Shipments both dropping considerably more than expected.

And as a reminder, the need for durable goods orders remains entirely irrelevant to America's economy (if the latter is judged by the stock market as The Fed and so many others appear to do)...

Durable Goods Orders remain 5% below 2007's peak (while the S&P is 55% above its 2007 peak).

It's either "different this time" or the S&P is worth 1500 (not 2500)... which is more likely?