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...

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