You survived the roller coaster ride in August. Now it’s time for September!
And there are plenty of reasons to be bullish and bearish. Stocks just closed out their worst month in a year, however, into month’s end, the S&P rallied sharply off its lows.
Should you position for a rally? Or is the market going to re-test the lows.
4 out of 5 Fast traders are skeptical. Here’s what they have to say about the month ahead:
Strategic investor Dennis Gartman thinks trading over the next month (or even two) is largely about historical trends. And September (and October) are historically the worst months of the year. If you don’t have to invest, “wait until late October until you buy,” Gartman says. “Just avoid owning stocks until then.”
Trader Guy Adami shares Gartman’s skepticism. He thinks Wednesday had every reason to be a fantastic day in the market but it wasn’t. “We sold-off mid-day then rallied back a little,” but he thinks the fact that the bulls petered out and a lack of volume could be the beginnings of a new sell-off. “It all leads me to believe we're seeing the beginnings of the next leg down,” he says.