To help you keep the latest in perspective, recall the note I sent to you last week, when the present decline was just getting underway: emphasis mine this morning...
Clients and regular readers should not be surprised, nor should they expect that one day’s volatility will remedy the near-term imbalances we’ve been taking note of lately. 
Here’s from this week’s message:
“The next few weeks (leading into mid-term elections), are, at best, likely to see a notable pickup in volatility. At worst, a pullback in the mid-single to low-double-digit % range.“
What ultimately counts, general conditions, clearly point to higher interest rates, but low odds of near-term recession. In fact, higher rates, at this juncture, confirm the presently positive longer-term setup.I'll offer up more later today...
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