Remember, Everything Gets Exaggerated at First

It's what happens after they hammer the S&P 500 futures that matters. Of course they all have to come down as we decide that China's slowdown is "destroying" everything and everyone in its path. We then get to listen to and read a plethora of bears saying, "I told you so" -- bears who will hate it as much at the end of the day as they did at the beginning of the day. That's because anyone who is bearish thinks the S&P should be back to where it had been before this gigantic advance, and they've been looking for a reason to make that happen.

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