The 3rd quarter was a very choppy quarter. Two of the three months registered negative returns for the S&P 500. But the market did eek out a gain for the entire quarter. In fact, the price return of the S&P 500 was 0.61% for the quarter. Which puts the market’s return for the year at 6.69%.
Overall, it is hard to complain about a market that is generating such nice returns. But people’s sense of comfort with the market is still below average. At least a peak at the Consumer Sentiment indicator would imply that, as does the general feedback I get when talking with market participants. But, to me, that is okay. Bull Markets generally don’t end until everyone loves the market. Given this, I think this train just might keep on rolling!
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