With the S&P 500 (SPX) down the better part of 10% over the past three months, there is a clear sense of caution in the current environment. Clearly, the proper time to get nervous for a pullback would have been in late January when investors were talking about the synchronized global recovery, Fed fear was low, business and consumer confidence were bumping up against record highs, and it was nearly impossible to find a bearish newsletter writer. In the first three weeks of 2018, the S&P 500 (SPX) rallied 7.5% on these factors. That was time to be nervous.
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