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“Do not confuse movement with action. Know when to sit and wait.” ~ Jim Rogers

Good evening:

August certainly continued to challenge investors this week. “We’re caught in a pretty bad downtrend at the moment,” Head of Research Tom Lee acknowledged, asking rhetorically: “Does this feel like the start of a larger selloff?” 

His answer: “It’s possible,” he admitted, though his view remains that the current market is displaying choppiness rather than the beginning of a major market rout. 

This is largely due to yields continuing to climb, and as Head of Technical Strategy Mark Newton pointed out in our weekly huddle, “Yields spiking do not have to necessarily hurt the stock market to a large extent, but they certainly have in recent weeks. Certainly the 10-year and the 30-year getting over 4%, that was very psychologically damaging.”