Even the most fervent bull cannot deny that there is something wrong with the economy. Data should not be coming out this weak during a recovery, even if there is a large margin of error.
It is very difficult to trade the market based on economic data. If selling when a bad number came out made money, everybody would be rich. The biggest anomaly I see is the discount that safe stocks trade at compared to economically sensitive stocks. It seems like a no brainer to be in defensive stocks.