In this week's video, we discuss the current stock market correction and we show you what we see and how we interpret the action. Ultimately, when we understand market history, we can better understand the present. So far, we are seeing what we expected to see.
We also review what some have dubbed The Magnificent 7 as well as The Enormous 8; the top seven or eight stocks in the S&P 500. Specifically, we review how these seven stocks have influenced the S&P 500's return year-to-date. We also show you that this is NOT a bull market. It is evident in all the weakness.
That said we still believe the wind will likely be at our back as we will likely see a year-end rally. As a reminder, it is inappropriate to classify 2023 as a "bull" market. It is also not a bear market. We are still in a transition phase. We are transitioning from a bear market to a bull market.
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