A Final Note On Today's Decline

The S&P 500 closed down about 3.5% today and other major market indices have seen similar or even larger declines.   The S&P is now down a bit over 5% from its most recent highs.  Remember those mirage like characteristics of the underlying components in this index we've recently discussed.  Here's some numbers on that from CNBC today.  60% of the S&P are down over 10% right now and 20% of the index are down over 20%.  

All that being said, it's important to keep the big picture in perspective.  The S&P is still up about 7% for the year, even if there's been an underlying decline in the various components that make it up.  So far what we've done is knock off the run up we saw in August and September.  Also The S&P 500 is still up over 50% in price since it's early 2016 lows.  

Something to think about while we lick our wounds from today's action.

*Long ETFs related to the S&P 500 in client and personal accounts.