If August Was Bad For Stocks, September May Be Even Worse…(Get Out Of All Things Paper!)
PATTI DOMM, CNBC
AUG. 29, 2013
Traders close the books Friday on the worst month for the Dow and S&P 500 in more than a year, and are likely to be cautious ahead of the long Labor Day weekend.
“The end of the month day before a three-day weekend ordinarily has a 70 percent upward bias, so it’s going to be a little tough with Syria hanging over us,” said Art Cashin, director of floor operations at UBS.
Stocks were higher Thursday, as some of the tensions surrounding Syria eased and the timing of a U.S. led attack, which looked imminent earlier in the week, seemed to slide. For the month, the Dow fell 4.2 percent to 14,840, and the S&P 500 was off 2.8 percent at 1638, the worst month for those indices since May, 2012.
“At this point, most traders I feel are going into the weekend somewhat flat. No need to be a hero,” notes Scott Redler of T3Live.com.