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Calling the Current State of the Market a ‘Correction’ Is a Joke

The traditional media is taking note today that the S&P 500 is now in ‘correction’ territory which is defined as a drop of 10% from highs but less than 20%. At 20%, the correction becomes a bear market. Most of the time, the ‘correction’ and ‘bear market’ definitions do provide some good insight into market conditions, but as I’ve been discussing for nearly a year now, there is a giant disparity between the indexes and various sectors and calling the current state of the market a ‘correction’ is a joke.

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