Let's see . . . the labor market is improving, albeit slowly but steadily improving . . . corporations are highly profitable and sitting on a trillion dollars in cash . . . May home sales were the highest in seven years . . . consumer confidence is at the highest point since the global financial crisis . . . what, the Dow lost 119 points yesterday!?! The sky must be falling!
I don't know if this is the beginning of the perfectly normal "June swoon," but we are due for a 5-10% correction and shouldn't be scared of it. It is good for the stock market in the long run. And, don't forget the stock market always over-reacts to geopolitical events, and we have a potential "humdinger" of a geopolitical event coming up. It too shall pass . . .
Now, take the summer off and go to the beach!
