Back in the office for the first time in a while today, and was immediately greeted with a number of solid investors asking about the potential for a pullback.  There is just a heavy kind of feeling to the market following a strong month and quarter.

As we wrote yesterday and last week, the high level of Investor’s Intelligence “bullish” newsletter writers, strong gains, and low volatility open a window for a period of correction.  We also want to point out that any pullback should prove temporary, no matter how bad it may feel.  According to Thomson Reuters I/B/E/S, consensus EPS are likely to be up over 25% for 3Q/18, economic activity remains robust, and business sentiment remains high.

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