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Goldman’s Rubner Sees Scope For Larger Correction Before Late-Year Rally
The market's pre-trading a challenging seasonal that normally waits until the back-half of September to bite.
That's according to Goldman's Scott Rubner who, by his own account on Wednesday, was "pinged more times in the past 48 hours asking for technical market updates" than at any other time this year.
The most common question from clients was simply this: Why's September so damn challenging for equities? If you're Rubner, the answer's the same as it is for all other questions, market-relate
My first thought on Tuesday was that monthly mutual and pension fund rebalancing was at least a part of the story. That plus leverage. I did not consider front-running fiscal year-end rebalancing, but it makes sense, what with markets ending August at or near record levels.