Could be the start of something, but stocks have a long way to go

Stocks are beginning to show signs of a change in trend, with the Dow experiencing it second major shunt in only a few trading sessions; now down 270+ points.  Both the NASDAQ and S&P 500 are also down more than 1 percent so far today, although all three major indexes are still trading at very expensive multiples and historically elevated levels.  Fears over pending rate hikes appear to be driving today’s downward move, although this is no new news.  June seems to (still) be the most likely time for the kickoff to the rate raising cycle for the Fed, although we should expect markets to begin to react long before the first salvo from the FOMC.  Downward moves in stocks tend to be sharp and to happen over shorter time-periods when compared with rallies, and I would definitely expect the coming correction or possible crash to occur rapidly.

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