During the Spring, I became very concerned about the stock market.  (Very concerned, not scared!)  I predicted it would be an ugly summer, and it has been so far.  The market has dropped about 7%, not quite a technical correction, which is a 10% drop, but we are still falling.  Last year, we dropped almost 16% before rebounding nicely.  A 20% drop is usually called a bear market.  We didn’t get there last year, and I don’t expect we’ll get there this year either.

Once we get the debt ceiling increase behind us, once we get some calm in the European debt crisis, once we manage our fear about China’s possible recession, and once we know there is life after QE2, it will be time to get greedy again and start buying.  I still think the year-end will be good and am wondering when the market will hit the bottom this fall.  We’ll see . . .