September: The crazy market month that wasn't

For stocks, the month of September has ended just as it started: flat.

The S&P 500 started the month with an utterly flat session, dropping just 0.004 percent. After a slide earlier in the month and a more recent rebound, the index has now logged a whopping September move of … negative 0.12 percent.

To make it even weirder, this follows an identical August drop of 0.12 percent.

But interestingly, September's market has been much more volatile than August's. Among this month's 21 sessions, 12 have seen the S&P rise or fall by more than half of a percent. By comparison, only 5 of August's 23 sessions have seen such a move, according to a CNBC analysis of FactSet data.

To put it another way, the difference between August 2016 and September 2016 is that in the latter, the market took bigger steps on the road to nowhere.

Thursday's and Friday's moves serve as a case in point.

On Thursday, the S&P tumbled as much as 1.2 percent as the latest round of Deutsche Bank headlines spooked investors; on Friday, it rose as much as 1.1 percent on a new, more bullish and even less credible round of Deutsche Bank headlines.

By the time it was all said and done, the S&P ended the week — and the month, and the quarter — an eye-glazing 0.14 percent lower than where it closed on Wednesday.

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Trading Nation is a multimedia financial news program that shows investors and traders how to use the news of the day to their advantage. This is where experts from across the financial world – including macro strategists, technical analysts, stock-pickers, and traders who specialize in options, currencies, and fixed income – come together to find the best ways to capitalize on recent developments in the market. Trading Nation: Where headlines become opportunities.

Michael Santoli

Michael Santoli joined CNBC in October 2015 as a Senior Markets Commentator, based at the network's Global Headquarters in Englewood Cliffs, N.J.  Santoli brings his extensive markets expertise to CNBC's Business Day programming, with a regular appearance on CNBC's “Closing Bell (M-F, 3PM-5PM ET).   In addition, he contributes to CNBCand CNBC PRO, writing regular articles and creating original digital videos.

Previously, Santoli was a Senior Columnist at Yahoo Finance, where he wrote analysis and commentary on the stock market, corporate news and the economy. He also appeared on Yahoo Finance video programs, where he offered insights on the most important business stories of the day, and was a regular contributor to CNBC and other networks.

Follow Michael Santoli on Twitter @michaelsantoli

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