It had been a long time coming.
The speed of Monday’s jaw-dropping sell-off on Wall Street had traders and investors bumped and bruised. But few seemed surprised that a pullback had actually happened. Some were looking for the right time and opportunity to wade back in – but wary of catching a falling knife.
“We finally got the correction we were all kind of figuring would happen,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “It feels a lot more painful only because we haven’t seen it in 14-15 months or so, and it’s certainly, from the way we look at it, healthy.”