The market action of the past two weeks contrasts with the generally uncorrected advance of recent months. The chart below places this pullback in perspective, relative to the "big picture" for the S&P 500, showing monthly bars since 1996. I suppose it's possible for investors to characterize the recent decline as a "panic" if they press their noses directly against their monitors, but in that case, they really do have a short memory. The pullback has been negligible even relative to the action of the past several months, and is indiscernible in the big picture. As of Friday, the market remained in an overvalued, overbought, overbullish, rising-yields syndrome that has typically been cleared much more sharply than anything we saw last week.
Read the full text of the Hussman Weekly Market Commentary here.
Also check out:
Read the full text of the Hussman Weekly Market Commentary here.
Also check out:
