Why have stocks taken a dive this week? BMO's Brian Belski may have oversimplified things a bit when he came on our air this morning and proclaimed, "Dude, it's August," but he has a point.
Everyone is lamenting the global decline in stocks, but much of the damage has indeed occurred in only the last couple weeks.
The good news is that the U.S. is weathering this downturn very well, far outperforming the rest of the world. Most of the world topped out in April, while the U.S. did so in May.
Global Markets (from 2015 intraday highs)