Reality Sets In

"Life is a series of natural and spontaneous changes.  Don't resist them - that only creates sorrow.  Let reality be reality.  Let things flow naturally forward in whatever way they like." - Lao Tzu

The euphoria that the market experienced after the Federal Reserve announced an increase in rates seems to have evaporated as the market has woken up to reality that the Federal Reserve is no longer providing the support it requires to maintain its unsustainable upward trajectory.  I would therefore not be surprised to see the market take it on the chin to such an extent that the Federal Reserve's idea of gradually raising rates in 2016 is put on ice.  In fact they may even be forced into a retraction of the first increase in rates since the iPhone was introduced!

For long time readers of this blog you will know not to get sucked into thinking that this current drawdown is a buying opportunity.  Keep your powder dry as there will be plenty of opportunity to buy stocks at far cheaper prices than those on offer today.