It is yet unclear as to whether or not the current mess in the emerging markets will morph into a full-fledged crisis (remember the fun of 1998?). However, it is safe to say that the focal point of the stock market remains the currencies, economies, and equity markets of places like China, Argentina, Turkey, South Africa, and Brazil.

The problem for a great many investors though, is that the reason behind the decline remains unclear. Sure, everybody "gets" that it's all about the emerging markets right now. Yet, the question of "why" may be the real issue. And since the primary objective of this oftentimes meandering morning market missive is to identify the drivers of the stock market, we thought it might be time to try and answer the question.

Lagarde Nailed It

International Monetary Fund Managing Director Christine Lagarde is on record as saying that central bank easing in the U.S., Europe and Japan may be responsible for what she calls the ticking time bombs in emerging markets.

Ms. Lagarde said that the extraordinary policies may cause damaging, though unintended, consequences as low interest rates push investors to take on more risk - in places like the emerging markets.

"When the tide turns, and interest rates pick up again, these hidden dangers will be exposed to the cold light of day," Lagarde warned Wednesday in a speech at the Economic Club of New York.

Thus, it would appear that Ms. Lagarde provided investors of all shapes and sizes with a very timely warning. As of last Wednesday, the S&P stood at 1844 or some 3.5 percent higher than it closed on Monday and the EEM (iShares Emerging Market ETF) was nearly 6 percent higher. All one had to do was listen to a very public figure making a very ...

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So, traders and their computers are back to worrying about China's growth rate. And about the state of the U.S. Economy. And whether the taper is a mistake. And about the health of corporate earnings. Or are they?

To be ...

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As has been mentioned a time or two hundred in this space over the years, the primary purpose of our oftentimes meandering morning market missive is to identify the drivers of the market action. The thinking is that if we ...

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