What an awful day overall.
And, IMHO, on no real news.
No event occurred that has not already been with us.
Just, lack of data. And this ubiquitous (if unfounded) fear that the market is over-heated...that a drawdown is past due.
As if it's been too good for the past 5 or so years, so...time to retract.
The fact that returns in SP500 over past 10-15 years have been abysmal appears to be forgotten fact in the current clamor that the market is over-extended.
Be it the CAPE crusaders. The prognosticates of D3...deficits, debt and demographics. Or, those convinced another 50% drop is right around the corner...just because.
Is it that we must pay for sins of our fathers...excessive returns of the 1980-90s?
Again, apologies...just my humble opinion.
Honestly, earnings season can't come fast enough for me.
Perhaps then, the market will get back to movements based on data.
c
Comments
I think the market was overextended and selling results in selling results in selling - it doesn't have to be any particular thing, sometimes selling feeds on itself.