The stock market's bull run is about to take a pause as economic growth continues to slow, according to Andrew Garthwaite, chief global equity strategist at UBS. The widely followed strategist pointed to implied intra-index volatility, which is close to the bottom end of its range, vulnerable for a reversal. Additionally, the Wall Street firm said it believes the U.S. economic data is poised to continue to deteriorate, threatening the market's bull run. "When it rises, cyclicals have tended to underperform 84% of the time," Garthwaite said in a note to clients, referring to implied volatility. "We continue to think August will be a down month as US growth slows but the Fed can't cut until September." .SPX YTD mountain S & P 500 year to date The S & P 500 has rebounded more than 30% from it

See Full Page