Statistically, September is the worst trading month of the year and we’re starting with a plunge this morning, with semis off by 3%, oil hammered for 3.4% and most risk areas of the tape lower.
September corrections are so cliche at this point you’d think it would eventually lose its luster and offer some contrarian signal. But alas…
The weakness in crude isn’t new and the growth in Chinese EV’s isn’t helping with the supply and demand aspects of the commodity. I’d argue that copper had been behaving better but even that is lower by 3% this morning.
The only question I keep asking myself today is “is this plunge legit or just another morning head fake?”
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