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Bulls Hard To Spot After Soul-Crushing Year
There's a lot of skepticism out there about US corporate profits.
I realize this is repetitive, but
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Since the start of 2022, S&P 500 has been doing the two-steps-down-one-step-up thing. The previous down moves were roughly -10%, -20%, -20% (just eyeballing). From the most recent up move (Dec 1), another -20% down move gets us to around 3250, in the ballpark of Street downside targets. The previous down moves have taken about 2 to 3 months.
Importantly, look past the S&P 500 and those other index charts look very different.