Ok, well just when it looked like the last vestiges of the risk-off move had been summarily vanquished and relegated to the dustbin of post-crisis market history with Tuesday’s rally, the jitters are back, and thanks in no small part to Donald Trump’s rambling rally in Phoenix.
Earlier this week we noted that for a fleeting moment, the S&P had gone negative for the quarter and we’ve also observed a number of other warning signs that the tide may be turning including the Nasdaq falling for three straight sessions twice this month and the steady deterioration in market breadth.
As things stand now, the dip-buyers need to get back on the job, because as you can see from the chart below, August is on pace to be the worst month for the S&P and the Nasdaq since October:
#MIRGA
“Make inexorable rallies great again.”
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