From relentless rally to persistent pullback, five straight winning months without a 2% decline were then followed by three straight down weeks, featuring a rare six-day S & P 500 losing streak and five successive sessions last week of failed intraday rallies. As with all market retrenchments from a record high, the current 5.
" And yet, Pies stepped back from his previous bullish market view last Thursday, noting that the pattern may have shifted again since 2022, with the upward trend in Treasury yields helping to drive stock corrections rather than the former pattern of yields declining and acting as a buffer as stocks fell, leading most 5% drops to worsen into a 10% haircut.
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