Money Life With Chuck Jaffe Daily Podcast

After the major market indices had their worst day since February, Jim Welsh of Smart Portfolios revised the forecast he made on Money Life less than a week ago, when he called for a short-term correction of 3 to 5 percent. Now, he says, a 5 to 7 percent decline is in the offing and the situation could get worse, especially when third-quarter earnings come out and companies alter their guidance. But Welsh said this downturn is a buying opportunity, noting the economy isn't going to support a bear market now