In a week that saw four daily moves of over one percent, the S&P 500 closed Friday at 3585, making new lows for the month, quarter, year, and 52 weeks. To put it in perspective, September was the worst month since March 2020, the worst September since 2008, making it three down quarters in a row, the first three-quarter losing streak since 2009. And volatility continues to rear its ugly head. This week was like the Charlie Brown/Lucy kick the football scenario. The S&P 500 has almost a two percent gain on Wednesday. Charlie Brown (the bull) is feeling positive and decides to kick the football, only to have Lucy (the bear) return the next day, pulling the football away, taking away Wednesdays gains and then some, and tacking on another 1.5 percent loss on Friday for good measure. Looking at volatility another way, in 2022 we have now had 93 daily moves of over one percent. With 186 trading days thus far this year, thats almost one every other day. It was also mentioned in last weeks write up about the possibility of tough earnings season. For Carmax, Nike and Carnival that become a reality with double digit losses due to poor earnings. Looking forward to next week, we have the September Unemployment report of Friday. For TSP TIPS, our current allocation remains intact with no reallocation warranted.
In a week that saw four daily moves of over one percent, the S&P 500 closed Friday at 3585, making new lows for the month, quarter, year, and 52 weeks. To put it in perspective, September was the worst month since March 2020, the worst September since 2008, making it three down quarters in a row, the first three-quarter losing streak since 2009. And volatility continues to rear its ugly head. This week was like the Charlie Brown/Lucy kick the football scenario. The S&P 500 has almost a two percent gain on Wednesday. Charlie Brown (the bull) is feeling positive and decides to kick the football, only to have Lucy (the bear) return the next day, pulling the football away, taking away Wednesdays gains and then some, and tacking on another 1.5 percent loss on Friday for good measure. Looking at volatility another way, in 2022 we have now had 93 daily moves of over one percent. With 186 trading days thus far this year, thats almost one every other day. It was also mentioned in last weeks write up about the possibility of tough earnings season. For Carmax, Nike and Carnival that become a reality with double digit losses due to poor earnings. Looking forward to next week, we have the September Unemployment report of Friday. For TSP TIPS, our current allocation remains intact with no reallocation warranted.