Morning Notes — This Week

Attendance and participation are expected to stay light this week heading into the long holiday weekend.  This happens every year and market trends often look entirely different when participation returns to normal on Tuesday. We think the dynamic is partially responsible for historically challenging equity returns during September and increased volatility during the month of October. Seasonality should never serve as the basis for an investment decision, but it’s a good reason to stay focused on the events and behavior of markets this week.