The market was subject to a very normal pause to refresh. Why not ? Bonds have been up big. The market had been up big. We were vulnerable to good news, bad news, no news. The underlying bull market remains very positive.
This is normal and overdue. But we've probably not seen the bottom.
We've had a dramatic rally this year, and we're getting a normal pause today. The companies that are pulling back are the ones that have had very good runs. So far, that's the message of the market.
Fluctuation is normal after a run-up. The economic news is not good and it's not going to be good for a while, but we are in recovery mode.
We had a very big celebration yesterday but there is still a lot of fear in the market. We got above 11,000 and now we're retesting it in a very normal pause to refresh.