The third quarter is finally over .. . GOOD!
It was the worst quarter on Wall Street in four years.
Most stock averages were down about 7%.
Most hedge funds were down 15-20%.
The bad news is that there will be more bad news in this quarter.
Historically, stock prices suffer during the month of October.
Historically, stock prices rally in late December into January.
By then, Congress will have passed a fiscal budget & raised the debt ceiling.
But, there will be lots of anguish and hand-wringing before it happens.
Buy some Rolaids!
Also, be patient - corporate earnings are not as bad as they appear.
Stripping out the collapsing energy profits, corporate profits are up 5%, which is good.
Just like Joaquin, the storm on Wall Street will pass . . .
It was the worst quarter on Wall Street in four years.
Most stock averages were down about 7%.
Most hedge funds were down 15-20%.
The bad news is that there will be more bad news in this quarter.
Historically, stock prices suffer during the month of October.
Historically, stock prices rally in late December into January.
By then, Congress will have passed a fiscal budget & raised the debt ceiling.
But, there will be lots of anguish and hand-wringing before it happens.
Buy some Rolaids!
Also, be patient - corporate earnings are not as bad as they appear.
Stripping out the collapsing energy profits, corporate profits are up 5%, which is good.
Just like Joaquin, the storm on Wall Street will pass . . .
