Investor focus is likely to remain on emerging markets and the Turkey currency crisis on Tuesday while NFIB Small Business Optimism for July was just released, and registered a new cycle high at 107.9 – the highest level since 1983.

On Monday, the U.S. markets fell with the S&P dropping by 0.40% and the Dow Jones falling by 0.5%, led by declines in Energy and Financials primarily.

However, as I stated on CNBC’s Fast Money last night, our stance continues to be that these short-term pullbacks and increases in volatility represent good buying opportunities and are not indicators for a possible recession, although we did note yesterday morning that there will likely be some more short-term volatility due to the Turkish crisis before things turn around.

Past performance is not a guarantee of future results. Index returns are unmanaged and do not reflect the deduction of fees. All market data points and expectations are from Bloomberg as of 08/13/2018, and should not be relied upon as current thereafter.

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