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Tactically Cautious, Remaining Medium Term Bullish

September has not been friendly towards equity investors. The Standard and Poor’s 500 Index has posted its first decline of greater than 10% for the first time since the 3/23 trough near 2,200. That level was not only the nadir for 2020 but also the lowest point for equities going back to 4Q16.

Although this is the first double-digit drawdown over the last six months, it is the fourth decline greater than 5%. And all other 5% declines represented dips and buy opportunities within the context of an ongoing recovery rally.

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