December 28th, 2018
Dear Family, Friends and Clients,
Recent market volatility has perplexed investors, with a backdrop of U.S. economic prosperity including historically-low unemployment, high consumer confidence, and upticks in wage growth contrasting with a U.S./China trade impasse and rising interest rates.
As of this post, the S&P 500 SPX is trading at 2,473, down 15.5% off its 09/21/18 closing price of 2,930, and is edging closer to a bear market despite the recent snap-back 3% rally. Has the strong economic data been fully baked into domestic equity prices? If not, how much more potential improvement in the data is possible and how might the market react should we see softening results?
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