For a brief month of “we’ve been down so long, everything looks up”, the NFIB Small Business survey suggested the ‘recovery’ was real and so serial extrapolators (throwing out the ‘and small business is the engine of job growth’ meme) jumped on it as ‘proof’ that stocks are cheap and bonds should be sold… then comes June data today (and it’s a disaster). 6 of the NFIB’s 10 indicators decreased, with about half of the decline in the overall index due to less confidence in future business conditions, the report said, with only 2 indicators improving.