Today all the major indexes gapped down and although they recovered off their intra-day lows, it was still UGLY. The Russell 2000 is trading at bear market levels and it has wiped out three years’ worth of gains over the past couple weeks.
The S&P500 has managed to close above 1850 which is my delineation between healthy Correction and Bear market (see blog dated 1/10/16: http://www.investablewealth.com/correction-or-bear/ )
I have no way of knowing which way the worm will turn. We’ll have to wait and see if the S&P500 can maintain support at 1850. Either way, I personally believe any countertrend rally will be short lived and this market will remain weak through at least March or perhaps into April.
Be patient, when the dust settles, there will be ample money making opportunities.
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