Can the Fed calm down and pause and can President Trump make a deal with President XI Jingping?

Well we think that the market is really trying to ascertain whether it's really resetting the dial's based upon a slowdown in earnings growth. As well as the Fed raising rates or is there something more troubling with the trade-tiff turning into a full blown trade-war. So is it simply a slowdown in next years growth or is it the fringes of a Global economic recession? So as of right now my feeling is that most people are playing this as a slow-down. So when you look at he technical supports and what-not , we are probably going to see the S&P500 bottom in the 2550 or so area. A little further to go to the downside in our view. But, we are also waiting to see what happens with the Federal reserve's stance and more importantly the G-20 meeting next week. We are still in a wait and see attitude as to whether it goes deeper than that support level. Also, there is the other possibility that the Fed backs off with future rate hikes and some kind of truce or positive outcome at the G-20 meeting next weekend which would be great for the market!Some historical facts to help you figure out your investment outlook at a critical juncture for the market. If you look back at the last 5-corrections and pullbacks the average p/e ratio (price/earnings) was 15.3 so that would imply a 2554 S&P500 target for current earnings expectations. But here is the problem with this time it's different thesis we have seen in recent history, because are we nearing the end of the bull market cycle. Are we nearing the end of the economic cycle? That is the big question because stocks are forward looking , it seems like we are going to fall off a cliff or deteriorate pretty rapidly. We do not think that a very bad outcome is probable. We think that those two scenario's are quite low probability if your looking back over the last 5 corrections that would mean we are looking at a correction of a thirteen percent decline based upon a slowdown. Lastly, what I have also found since 1955 we have never fallen into a bear market with interest rates this low.Stay the course and you can start nibbling on select Drug and quality value stocks for protection like a quality oil companies with good yield of 5%. In addition if you have a 2-3 timeframe their are quality Tech names that have been destroyed because institutional investors have exited the crowded trades in the Tech sector. Remember to buy quality at this stage in the economic cycle.Thank you,John C. Verducci 111