When there is blood on the streets its about time to buy. Market breadth had a nice downward move today (Breadth of just over 300 stocks down more than 4%) but since we haven't seen the panic we're still going lower minus the bounces we'll have along the way.
Yes, in my calculations we are going down to the 120 level on the SPY possibly even lower; but we will get a huge and very powerful buying opportunity in the fall that could bring us back flat to slightly positive on the year...
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