Chart, and Message, Of the Day

As we anticipated, and have expressed herein, the Dow is highly likely to, at a minimum, test its recent intraday support level. Today it came within a hair:



Note that as we've been gauging your near-term expectations, we've expressed that present general conditions continue to point to low recession risk, and therefore low risk of the start of a protracted bear market in the foreseeable future. Thus we've so far treated the latest as volatility to -- from a long-term investment standpoint -- essentially ignore.