By Jeff Pietsch
In a retrace reminiscent of the early shots across the bow of 2007, a perfect storm of overbought conditions, peckish earnings responses, and political heat on the Fed and banks left the majority of tracked ETFs down for a second consecutive week. The move left the "priced for perfection" S&P 500 (SPY) lower by a whopping -5.0%, and equities generally as heavily oversold as they were overbought just a short while ago. However, inasmuch as we are statistically due a significant bounce next week, whether and how that evolves will tell us a great deal about just how broken this Bull Market truly is.
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Have a terrific weekend!
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