NEW YORK (Real Money) -- The rolling correction continues. We have seen some really powerful downward moves in some of the major industrials of late. They remind me of something that Byron Wien -- senior adviser at Blackstone, and by far my favorite market commentator -- said at the beginning of the year. He remarked that the S&P 500 would initially drop 10% in a worst-of-times situation, and then in a best-of-times situation it could rally 20%, heading perhaps to 2300 at the end of the year.
I point this out because Wien put out his monthly note Tuesday night, and it is very positive on the market -- but, in it, he does not directly address that he thought stocks would have that initial decline.
Yet, as I look over so many of the big industrials and many of the technology stocks, I see the market did have a pretty large correction already. Stocks such as General Electric (GE) and Boeing (BA) and United Technologies (UTX) are down huge from their highs. The cloud-computing stocks, despite their nascent rallies, are down much more than 10%.