Over the past two weeks, volatility has picked up and despite GREAT earnings reports from many S&P 500 companies, the market has experienced some big down days – today seems to be another one. Has something changed? I don’t think so. While we have experienced a number of down days, we have also experienced some up days and as of the close of business yesterday, the S&P 500 is only off about 2.5% from its all-time highs two weeks ago. The market is going sideways more than up or down. This is not unusual given the fact that in April and early May the market hit new highs on eleven different days.
This may also be the beginning of one of those relatively common market pullbacks (down 5 – 10%) that we experience three times per year (on average). Time will tell. If something changes, I will certainly get in touch.
