Last week, we wrote that we were in a bear market. The market is off to its worst start ever, down 8% in the first two weeks. Not all the indices are down over 20% yet, but the average stock is off well over -20%. The Russell 2000 is down -22% and the Dow Jones Transportation Average is off -27.4% from their highs. The S&P 500 is only down -12%, but clearly headed lower as the markets normalize. Let us explain, the market hit a high of 2134 for the S&P 500 during May of 2015.

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Market in a Minute 2016-1-19