The S&P 500 (SPX) is down 10% from the January high, has broken the 200-day moving average, and finally “whooshed” on a 90% downside price and volume day. We continue to believe the two-month intermediate-term correction has been driven by human nature rather than a significant change in our positive fundamental thesis. Why are we so sure this is not a fundamentally driven peak in the market? The reasons for the correction keep changing!

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