September Was Worst Month of The Year, But First Day of October Was Strong

Key Takeaways

- S&P 500 closed at 4,357.04 this week, which was down from 4,455.48 last week.

- We explain why, like many things, the piece of wisdom that stock valuations have to decrease in the face of rising rates is not as simple as you’d like to think. Look at data.

- The market had the worst month of the year, losing nearly 5% in September. The VIX has behaved pretty well and has now collapsed to just over $21 after peaking at $25.

- As we said last week, we saw evidence that there would be elevated volatility. The strength in cyclicals and Epicenter is encouraging and Merck therapeutic bullish.
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That Professor Goddard, with his ‘chair in Clark College and the countenancing of the Smithsonian Institution, does not know the relation of action to reaction, and of the need to have something better than a vacuum against which to react – to say that would be absurd. Of course, he only seems to lack the knowledge ladled daily in high school.” -The New York Times, January 13, 1920

Robert H. Goddard is considered the father of modern rocket science. He built and tested the first liquid fuel rocket amongst other things and is the namesake of NASA’s Goddard space flight center in Greenbelt, Maryland. The ridicule he r...

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