- It has been a rough start to the fall season, with a 10% materializing in the S&P 500 over the last 20 days so far.
- Unfortunately, due to numerous detrimental fundamental factors surrounding the economy, it is still likely to get worse before things get better.
- Stocks are far from cheap right now, and it is unlikely that most forward estimates can be relied on in my view.
- There is likely more downside ahead, roughly to the 3,000 level in the S&P 500 in a base-case scenario, and plausibly lower in a worst-case scenario outcome.
For further details see:
S&P 500: The 'Fall' Ahead