The sharpness of the drop over the past three weeks is breathtaking, and likely to get worse on the back of some Tech earnings releases. We anticipated a correction to relieve the excesses that were apparent in September, but the decline has been sharper than we expected as the negative momentum has taken on a life of its own. Clearly, we were overly optimistic regarding the market impact of worsening trade and interest rate battles, and history suggests the technical damage will take time to repair.

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