Is This The Beginning Of The Correction Everyone Is Waiting For?

I don’t want to bury the lede, so I’ll start by saying, “I don’t know.” It could be, but I don’t think so. The bad Purchasing Managers’ Index reading out of China seemed to precede a market pullback everywhere except China, where stocks actually rose. Coincident with the bad reading—which only points to deceleration, not outright contraction—is a significant devaluation of the Argentinian peso, as the Argentine central bank is trying to conserve its foreign exchange reserves (w...