It has been a heady summer for stocks, up until comments out of Jackson Hole, Wyoming caused the equity markets to pause and ponder the rising probability of a rate hike. Stocks began 2016 by plunging for six weeks, reaching a nadir that marked an 11 ½% loss, but those who held onto their shares received rewards for their fortitude in the face of adversity. Now, with the S&P500 at 2,175 sitting comfortably 6.4% higher on the year in an interest rate environment of below 1%, the coming weeks will separate the true believers from the dubious, the equity devotees from the non-believers, and the daring from the cautious.
Stocks have had a wild six and a half month run, they made new all-time highs in late August, and the booze flowed, but it is highly possible that they will awaken after the Labor Day weekend with one hell of