Ladies and gents, give yourself a little pat on the back, will ya.
Cuz you just lived through the S&P's worst first half of a year since 1970.
But yeah, best economy we've ever seen, right?
Build Back Better!
With its 20.6% loss year to date, the S&P 500 posted its fourth-worst first-half performance on record, only behind 1932, 1962, and 1970, when it lost 45.4%, 23.5%, and 21.0%, respectively.
Not a good sign.
And with consumer sentiment at an all-time low as well as the Fed looking to gradually increase their benchmark rate, the second half of 2022 isn't looking too bright either.
Although the overall market has performed better in the past two weeks, many are worried that things could take a worse turn in the second half of the year.
As of last week, 59% of investors were bearish about where the market is heading in the next six months, only 18% were bullish, according to a weekly sentiment survey from the American Association of Individual Investors. The bearish reading was the sixth highest since the survey started in 1987. At the beginning of June, just 37% were bearish while 32% remained bullish.
Yeah, it looks like everybody sort of knows where this is headed.
And by that I mean recession.
Look, I don't mean to be a Negative Nancy here. But let's not forget that in March of 2020, at the very beginning of the pandemic, the Fed was basically forced to bail out the tanking economy.
So I'd say we're due for a correction.
Welp, keep your heads up, folks.
Remember, hard times create strong men.
P.S. Now check out our latest video: "Highlights from Biden's speech last night" 👇