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The bull and bear bronze statue outside the stock market in Frankfurt: Germans are feeling less then favourable toward the euro and the EU, but are more optimistic about their own country.
The bull and bear bronze statue outside the stock market in Frankfurt: Germans are feeling less then favourable toward the euro and the EU, but are more optimistic about their own country.
(Michael Probst/Associated Press/Michael Probst/Associated Press)

The contrarian bet: If a correction is preordained, it won’t happen

Given the number of observers who just know that a correction is coming, it would come as no surprise to contrarians if the S&P 500 yet again avoided falling 10 per cent or more.

The benchmark index surrendered an earlier gain on Wednesday afternoon, deepening the sell-off that began during the last week of July. The overall decline adds up to 3.4 per cent, taking the S&P 500 back to levels seen in late May.