Last month the market had a strong rebound from the June lows, but now we are in the midst of a second leg downward. As of the time of this writing, the market has given back roughly half of its recent gains. Most likely the downward pressure is not over; and, along with that pressure, we are in the most difficult period of the year historically for stocks (September to October). Furthermore, we are still dealing with inflation (currently running around 8%) and the evidence of a looming recession, or at least a significant slowdown in the US economy. Therefore, it would be logical to conclude that we will go back and retest the June lows. However, conventional wisdom is not necessarily a reliable predictor of future outcomes.

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