I am a bit confused. The recent move down in the stock market makes perfect sense in a lot of ways but moves in other markets do not. The Fed announced a major policy shift, and a stock market that had become a bit overbought on massive liquidity had to adjust as policy was reversed and money was drained from the system. Add in the profit-eating impact of the inflation that prompted that change, and trailing P/Es in the high 20s were simply not sustainable. As I said that all makes sense, but where the market has lost me recently is in the movement…
