In retrospect, a good candidate for demonstrating the peak of the boom may be yesterday’s announcement by Netflix that subscriber growth came in well below expectations during the second quarter: the number of subscribers was up by 2.7 million against expectations of 5.3 million. Worse, in its most developed market (i.e., the U.S.), subscriber numbers were actually down by 126,000, against an expected gain of 310,000. This marks the first time the company has ever seen a decline in U.S. subscribers.

An issue I have been mentioning for the past couple of months is finally starting to get some attention: the U.S. is facing a potential crisis as the government runs out of money. Sometime this fall, likely in September, the government won't have the funds to pay its bills.

This morning, I spent some time speaking with a client who wanted to know why markets had slowed down recently. But I am not sure I agree with her. We hit all-time highs just the other day, although in recent days, the market has been taking a bit of a breather. Will that down time continue, or could we get another leg up?

Are fears keeping interest rates low? I discussed this and more Friday on Fox Business Network's Countdown to the Closing Bell with Liz Claman.

What can we expect this earnings season? Friday, I discussed this and more on Yahoo Finance’s The Ticker.

One of my colleagues sent around the most recent issue of The Economist, noting that the cover story, “Riding High: What Could Bring Down America’s Economy?”, may well be a contrarian indicator. I haven’t read the article yet, but I suspect the publication may be in on the irony here. Nonetheless, the fact that The Economist can put this story up could be a sign that the economy really is getting close to a turning point.

Do worries keep the economy moving? Yesterday, I appeared on Cheddar TV  to discuss this and more.

It’s time for our monthly look at market risk factors. Just as with the economy, there are several key factors that matter for the market in determining both the risk level and the immediacy of the risk. Although stocks remain close to all-time highs, the recent volatility is a reminder that, given valuations and recent market behavior, it is useful to keep an eye on these factors.

Although there was some good news last month—job growth bounced back to come in well above expectations—the overall trend remains negative. Confidence has continued to decline, while the yield curve hit an official inversion as of the end of June. That said, conditions remain generally favorable, with all metrics in expansionary territory except the yield curve, but there is no doubt the risk level has risen further. That risk still does not look immediate, but that point may be getting closer.

Q2 2019: it was the best of times, it was the worst of times. Okay, it wasn’t either, but last quarter we did see something that looked like both. After hitting new highs in April (the best!), markets declined significantly in May for the first time all year (the worst!) and then bounced back in June close to all-time highs. Internationally, we saw the same story, although to a lesser extent, as both developed and emerging markets echoed U.S. performance with an up-down-up pattern. We closed the quarter on a positive note, though, with all major indices up around the world. As far as the stock market is concerned, it was a good quarter.