Valuation angst good way to put it. SPY up 83% since end of '22. US has crushed skulls for long time now, and defied columnists and economists all year, pullback makes sense, even healthy, altho hard to see a bigger bear case beyond that but who knows. (IMO bitcoin sniffed out this pullback (like the way an animal can tell roague wave coming bf humans) and that's why it's been meh)(Eric Balchunas)