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An appointment for a root canal has sounded better than having to watch this stock market lately. Just when you think things can’t get any worse in this market, they do, as every bounce has been quickly repudiated with stocks grinding down to new lows for the year.
It’s never a good feeling when equities close out the week at their lows, but we’ve now had that happen two weeks in a row. The S&P 500 has now declined at least 1% for four straight weeks while the Nasdaq has been down at least 2.5% for four straight weeks. Since 1971, there have only been four other times where the Nasdaq experienced a similar streak, so this kind of persistent weakness doesn’t occur very often.
When the markets start acting like this, it’s incredibly difficult to make any sense of the day-to-day moves, so for us or anyone to say anything about what to expect in the short-term would be foolish. Long-term investors have experienced worse and the market will eventually turn, but until it does, that root canal doesn’t look all that bad.
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