October dip
October was a tale of two halves, with the first half of the month doing very well and triggering impressive momentum. The second half erased all those gains and then some. The S&P 500 ended up with a loss of nearly 3% for the month. But this comes on the heels of having set a multi-year closing high at some point in the past few months. When that happened and then it suffered a loss of 1% or more in October, future returns were almost universally positive. Seasonality + momentum + mean reversion tends to be a powerful force.