Stuck In The Mud.
It was another pretty brutal week for stocks. Last week, the S&P 500 and the NASDAQ indexes both dropped by more than 2% and officially joined the Russell 2000 Small Cap Index by falling below their long term moving averages and into correction territory (defined as down 10% or more from a recent high) and a third straight calendar month of stock price declines is on the cards. The solid 4200-4500 range for the S&P 500 that had been in place since early summer has now broken to the downside, the index closed on Friday at 4117.
A perceived lack of political progress over the weekend overseas…
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