Yesterday’s decline in the stock market caused some more technical damage to the stock market, but it will take a bit more downside follow-through over the next week or so to confirm a change in the intermediate-term trend.
The high yield market has been holding up quite well. We’ll be watching it closely to see if it sends up any signals that the markets will face bigger problems as we move into the fall months.
Remember declines that take place in the fall usually bottom in October. So don’t fear this decline. Instead, embrace it…and look for an opportunity to take advantage of it if/when we get a “capitulation” move.
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