Halfway..

 

We’re almost halfway through the year, and sentiment has yet to turn bullish.

The S&P 500 is down 13% in 2022, while the tech-centric Nasdaq is off 22%.

If you want to know how low the market could really go, pay attention to what Savita Subramanian — head of U.S. equity and quantitative strategy at Bank of America Securities — has to say.

“We calculate that a floor on the market is 3,200, even in a recession case,” she told Bloomberg earlier this week.

The S&P 500 currently sits at roughly 4,100, so that market floor call represents potential downside of around 23%.

President Biden said he expected the Russian stock market to blow up the second it reopens in response to crippling sanctions that have been imposed on the country in response to its invasion of Ukraine. Ours too.  Just a thought.