Roll out those lazy, hazy, crazy days of summer
Those days of soda and pretzels and beer
Roll out those lazy, hazy, crazy days of summer
Dust off the sun and moon and sing a song of cheer
- Nat King Cole, 1963
The stock market has a reputation of being boring this time of year. Volumes are indeed lower, most of the time, but that does not mean important points are reached.
Over the years, I've quoted Peter Eliades' observation that big reversals and inflection points happen this month. For me, the bear market of the beginning of the millennium started September 1, 2000, which was still August in my book since it was before Labor Day.
Put up your own chart. You will see quite a few turns over the years.
Therefore, don't dismiss the direction September takes us. It will tell us which - a turn or inflection - August brought us.
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