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None of what I say here is meant to imply that the fundamentals don't stink, but the real problem is with the heavy hitters going on vacation.
Every couple of years, the high rollers in New York take a couple of weeks off. Usually it coincides with the New York Yacht Club's annual cruise. They pile onto their boats and head to Newport, Marblehead, Christmas Cove, and Bar Harbor. While they are gone the children get to run the store. Sometimes it works well, and sometimes it stinks. It's always back to status quo by September 15th. They always make money on the instability.
If you don't believe me... Check for the correlation between NYYC Cruises and tanking markets in August.
Or, as Gomer Pyle used to say: 'Surprise, Surprise, Surprise'.
