I'm not expecting this November to be any different than it normally is, but it's unlikely we'll see the pace of growth we saw over the last few years.

An event like this can be the proverbial straw that breaks the market's back.

There also tends to be a broader July 4th rally, and then after that, a lot of lower volume and a flat-to-lower bias through the rest of the season.

I'm not looking for quite the same steep declines this year, but early August has already been weak and we are definitely trending a lot lower for the period. You're not likely to see another sustained upturn until the end of the year.

Your long-term holdings you leave alone, but your shorter-term ones you may want to move.

is better news for Mr. Bush.