Dan Greenhaus at BTIG (@danBTIG on Twitter) notes the following in response to the market’s recent declines:
A good few days for equities it has not been (just 31 S&P names were green today). Since hitting a nearby peak on 5.12, the S&P 500 is down by about 3.6%, the Russell 2000 by 3% and the Nasdaq by 2.9%. We should say that U.S. equities are not alone with the FTSE down by over 6% and Australia by 7.4% among others. While this has been a down few days for stocks and investors are beginning to question much of what’s been taken for granted, it should be noted that the decline is quite modest in the context of the November rally while the below chart hopefully adds something to the longer term perspective. Viewed from the summer of 2009 or so, the S&P 500 had hit the top end of its trading channel and with it, some correction probably isn’t out of line. Plus, there’s the Hindenburg Omen so, you know, corroboration.
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