The "Re-Pricing Process" in the Markets...To Today's Realities...Will Take Time

• The retaliatory response from China is making the situation in the marketplace much worse. This does not mean that we cannot see some strong bounces soon (even today). However, the stock market is a long way from pricing-in the new outlook for earnings growth. In fact, it’s a long way from pricing-in the outlook we had at the beginning of the week!

• This is not the end of the world…but we do believe that it’s a “repricing process” that will take time to playout.