All in all, these negative news are bad enough to spark a correction but not enough to reverse the US market uptrend. Unless there are further big bad news on growth, tariff, or inflation, the market can resume rally after an overdue technical correction. I suspect the consolidation could be mild to moderate of 5% or less instead of a full-size 10% correction as limited by solid fundamental & market momentum.
Such technical correction has been anticipated or hoped by the market for weeks; it is not a trend reversal or a start of bear market but a needed consolidation in a bull market. Hence, it is not time to cut too much US stock weighting yet. I suggest to keep a roughly 20% cash holding in stock portfolios and wait for a bigger pullback such as 6,000-point S&P500 or NASDAQ 20,000 point to bargain hunt. However, if S&P jumps to 6,600 this month or next, investors should take more profit and increase cash holdings to roughly 40%.
陳俊文（Norman）是一位獨立投資策略師，擁有超過30年專業投資經驗，曾在家族辦公室、銀行、精品基金公司、財富管理公司工作。在其職業生涯中，管理過多種資產，包括全球股票投資組合、多元資產投資組合、基金中的基金和可轉換債券基金。Norman對全球金融市場及多種投資資產具深入了解，包括全球股票、債券（高等級、高收益、混合、可轉換）、衍生性商品（選擇權、認股權證、掉期等）以及各類多頭和多頭產品對沖基金。他經常接受媒體採訪，並曾擔任多家大專院校專業金融課程的客座講師。
