S&P futures are getting schmoked at 11:38 pm PT, down almost 70 points, and approaching the 3200 critical support level. The futures could bounce there, or before there, but we seriously doubt it holds. The S&P will move into correction mode – down 10 percent – from its ATH at 3226.
The market is playing out just as Carol K. expected in her post a few weeks ago.
…we at GMM believe the U.S. stock market is extraordinarily overvalued. Coupled with the political event risk, we expect a sharp correction, similar to last March and the 2018 “nightmare before Christmas” downturn, which will allow me to get back into these positions much cheaper. I am also putting a shopping list together. – Carol K., October 15th
To paraphrase King Solomon, who wrote almost 3,000 years ago,
There is a time for everything,
and a season for every activity under the heavens: