Salient to Investors:

The market is bearish. Investor sentiment is unlikely to improve short-term as international concerns overshadow domestic ones.

Brad McMillan at Commonwealth Financial said it will be another month or so before investor confidence bounces back, and if the S&P 500 falls to as low as 1,790 the likelihood for a September interest rate increase drops below 50%.

Tobias Levkovich at Citi Research said his Panic/Euphoria indicator broke into “panic” territory for the first time since late 2012 – a level from which stocks have historically risen 96% of the time over the next 12 months.

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