美股到了拐點了，下跌10%不意外

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https://www.marketwatch.com/stor ... 80633?mod=home-page


This was particularly evident in the small- and mid-cap sectors, as represented by the Russell 2000 index. On July 13 there were more new lows than new highs within that index for the second consecutive day. In Martin’s data for the Russell 2000’s new highs and new lows, which extends back to June 2000, what happened this week has happened only three other times — in September 2014, July 2015 and October 2018. In all three cases, three months later both the S&P 500 and Russell 2000 were at least 10% lower.

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"There’s a chance we get a surprising one and a deeper one that could go down as much as 15 to 20%,” he said. “It has nothing to do with the fundamentals or concerns about a recession ... But what we have is we have record levels of leverage in the system. Margin debt is at an all-time record high. And that doesn't become a problem until the market rolls over.”