[Updated for SPY Close, Dividend Adjusted] You wanted a correction — and rightly so — you’ve got one. The SPY is -12.5% off the May 2 highs. The most recent run beginning July 22 has price down just over -10.6%. Then again, we’re “only” down about -3.5% on the year.
I recall having a conversation earlier in the year with colleagues about my fear that historical reversion behavior would break down on a third market turn within a ten-year period. Lo and behold, this has been a one way trip. A snap back here could make your head spin, but meanwhile internals remain on a sell. One ugly day!
