An ugly day to wrap up an ugly week. The S&P 500 fell 5.9% over the past five days, its worst week since January 2016.

Switching to the people’s index, the Dow just closed at its lowest levels since November 24, 82 days ago. The last time the Dow experienced a close at an 82-day low was November 2016. What does this mean? It means that I’m guilty of cherry picking. Forgive me.

Last year the markets cared about nothing. This year they care about everything. That’s the way it goes. The good news is nobody sees a recession on the horizon. The bad news is nobody ever does. The worse news is that stocks can decline with decent economic conditions.

I remain constructive on the next fifty years, but am neutral to slightly cautious over the next fifty days. Have a nice weekend.