Historically we're now in the worst 6-7 weeks for US markets, but the crystal ball does not see anything dramatic happening this time around. Mixed signals (small caps underperforming but techs and transports doing OK). Short term market internals are just starting to go negative, but they've often recovered quickly from such events this year, so i'm guessing probably nothing more than another garden variety correction (4-6%) followed by stronger markets in the fall.

If the US small caps continue to underperform, there should be a good opportunity for Santa Claus trading this year.