Bespoke: Beware the second half of September

Paul Hickey, Bespoke Investment Group co-founder
A monitor is pictured as a trader works on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York, U.S., August 30, 2016.
Lucas Jackson | Reuters

In a B.I.G. Tips report last week, we highlighted the historical performance of the Dow Jones Industrial Average (DJIA) during the month of September. In that report, we noted that September is the only month of the year where the DJIA has averaged negative returns over the last 20, 50, and 100 years. Needless to say, in its entirety, September hasn't necessarily been friendly to bulls. There is a caveat, however. While September has historically been weak for equities, performance during the month has really varied widely between the first and last half.