SPG, of course, is among the highest quality mall operators, so it's difficult to extrapolate to the rest of the REIT universe. Owners of lower-quality strip malls, for example, are certainly under pressure, and Sears and JCPenney will remain issues.
However, the bigger malls are not standing still: they are moving toward all-inclusive entertainment experiences—mini-theme parks, in essence. Sales are significantly above those during the recession. Mall owners have kept costs down. There are no new malls being built, so space is limited.
Sure, online sales are increasing, but look how mall owners are reacting, with a three-pronged omni-channel strategy: a) full price locations, b) discounted stores in outlets, and c) online sales. Also, many malls now allow you to order online and pickup at the mall.
Bottom line: large, well-managed malls are not yet an endangered species.
3) Today is Ben Bernanke's last day. This puts Janet Yellen into the eye of the storm.
—By CNBC's Bob Pisani