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It only feels as though the media have said everything there is to say about the market over the last three weeks of this downturn.
The talking heads are still missing something – something they're just not keen enough to grasp about all of this. But, to be fair, the big news is hard to ignore.
After all, the late week phase of the pullback took all the major indexes back to, or just below, their break-even levels as far as year-to-date returns are concerned.
That's something that should scare the hell out of investors. However, I'm still seeing signs that there is a little too much bullish enthusiasm for stocks to call that "the bottom."
Even accounting for Thursday's bounce, sell-offs have shaved just about 10% from the S&P 500's October high. In doing this, the benchmark index crashed right through the plate glass window of its 50- and 200-day moving averages. It's still sitting below those lines as of Friday midday.
So it's "official" in my book, for what it's worth: The market is embroiled in an intermediate-term bearish pattern.