Perspective

So I guess the fortune teller's right
I should have seen just what was there
And not some holy light
--Natalie Imbruglia

Lotta angst out there after Thursday's intraday comeback couldn't stick on Friday. It's near term triple bottom time in the SPX.

But let's put current levels of apprehension in perspective. When examining the entire bull run that began nearly 10 yrs ago with the March, 2009 lows, very little technical damage has been done. You almost have to squint to see the current volatility.

The uptrend defined by the early 2016 lows, although currently under assault, is still intact. The entire bull market uptrend from the 2009 lows is defined by support down at about SPX 2200. That's about 20% down from here.

That people are freaking out already by recent price action demonstrates just how conditioned psyches have become to ever higher prices. It also makes one wonder what happens to the collective investment mind if/when prices really get moving to the downside.

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