• The “internals” for the stock market during yesterday’s drop were much more compelling than they were during last week’s bounce.  This tells us that we likely have some more work to do on the downside before the stock market sees the ultimate low for the recent decline. 
  • As we have been saying for some time now, the recent “set up” in the stock market is very reminiscent of what we saw last August.  After a huge rally in the stock market…and a significant rise in bond yields…even good earnings out of the tech sector was not enough to prevent a correction from taking place. 


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