The latest letter from Raymon James’ Jeffrey Saut (via Market Folly) is all about the month of October, which doesn’t get quite as much attention as the dreaded September, but is historically quite brutal. So far it hasn’t been bad at all, though, like September it started off with a case of the jitters.
Anyway, one of the good points he makes is that many mutual fund managers positioned themselves as bearish going into September, so they were forced to scramble like crazy when it turned into a huge month.
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