Market participants reacted as if The End is coming last week. But they may have missed the fact that this may be good news. After a wild week of volatility, the S&P 500 has experienced a peak-to-trough 4.85% dip since the all-time high on May 21 (4.6% after Friday’s modest rebound). We have noted in recent commentaries how unusually long the S&P 500 has gone without a 5% or more pullback. In fact, if the S&P 500 did avoid a 5% decline in the first half of this year, it would have been the first year in 16 to do so…

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The End Is Near — But That Is Good News