It's the first day of November. Remember the old trader rule: October sucks, and November is good.
That's the mantra, and who could blame them for feeling that way?. November is the #1 month for the Dow in presidential election years, and No. 2 for the S&P 500, according to the Stock Trader's Almanac.
It's also the start of the "Best Six Months" period as well. Since 1950, the S&P is up 7.5 percent in the six-month period from Nov. 1 to April 30, while it is only up 0.4 percent in the six-month period from May 1 to Oct. 31.
So, why are traders so miserable?
Because the Fed and the election are making everyone crazy. Look at what's happening today:
What's all this mean? It means we are caught in a situation where every markets report — from every commentator — is layered with a dose of political observation, and a dose of Fed watching. And those of you who want to talk about the earnings situation for the markets as a whole — or something equally relevant, such as wage growth — are just going to have to wait.