Former President Richard Nixon once said "a man is not finished when he's defeated. He is finished when he quits." As much as stocks have had a bruising June, the turbulence is a small bump in an otherwise wonderful run for investors.

Sure the S&P; 500 (^GSPC) could snap its streak of six consecutive monthly gains, but few are complaining given the fact that the key equity benchmarks are all up double-digits year-to-date thanks to a rally that saw all ten sectors rising and in many ways defied logic.

So what was the biggest hurdle during the first half of the year?

"Ignoring all of the Congressional dysfunction," replies Sam Stovall, chief equity strategist at S&P; Capital IQ. "The market kept punching through to establish new highs, just working through the uncertainty of dysfunction."

Of course Stovall is referring to the endless overhang of two fiscal cliffs, a debt-ceiling fight, a budget funding showdown and the implementation of an across the board increase in payroll taxes. It was daunting and scary list of symptoms that left many frustrated bears heckling from the sidelines while the S&P; 500 cruised to an all-time high of 1687 on May 22nd.

And then Bernanke spoke.

Shares of BlackBerry (BBRY) are getting hammered on Friday after the company reported one of the more disappointing quarters of 2013.

The pioneers of the famous “crackberry” smartphone reported a loss of 13-cents a share. Analysts had expected a profit of 6-cents a share. Revenues for the period were $3.1 billion, up 15% compared to $2.7b last quarter and $2.8b last year.

Bulls had expected this quarter to mark BlackBerry’s return to glory. In January the company held an outrageously over-the-top global launch party for the BlackBerry Z10 touchscreen model and the Q10 with the physical keyboard so beloved by zealots. The phones are the first to feature BlackBerry’s long-delayed BB10 operating system. In theory the new OS would put the company on an equal footing with Apple (AAPL), Android from Google (GOOG) and Microsoft (MSFT).

As part of the hype pop star Alicia Keys was named Creative Director and the company’s name was officially changed from Research in Motion to simply BlackBerry.

The party was a hit and the phone got relatively good reviews. The problem seems to be that the BlackBerry is fondly remembered but not desired. After years of product stagnation and disappointments from BlackBerry the world has simply moved on without them.

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Starting late and from scratch BlackBerry doesn’t have an eco-system to compete with the dominant players in the industry. As it turns out fondness for the old BlackBerry was nostalgia, not demand. Like childhood or college, crackberries are fondly remembered but no one wants to go back again.

Eric Jackson of IronFire Capital has been a vocal supporter of the company's CEO Thorsten Heins and BlackBerry stock. He was right for a long time. Suffice it to say he’s feeling burned today.

“It’s really hard to go through the results, as well as what management said on the call, and get excited,” said Jackson via email this morning. “Service revenue declines, slow BB10 uptake, no visibility from management; it’s hard to trust Thorsten after this.”