Intensely Concerned for Risk — With a Catch

A Review of US Equities

It is tempting for most investors to write off this week’s market action as yet more chop and index compression before another eventual move higher. While I am trying to keep an open mind (and there is one analog where things actually do move up, as I discuss at the end), as a base case I am intensely concerned that a proper bear market has finally begun after a lengthy topping process.