TGIF – The Worst First Half in 50 Years is Finally Over

Down 21%. That's where we have left off the first half of the year and that is actually worse than the first half of 2008 or 2009 or 2000 or 1987 or any other crappy year you can remember since Nixon. Of course it's human nature to extrapolate and imagine we will go down another 40% but we discussed how unlikely that would be last week, when the market was a bit lower than it is now and it'