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“You can’t predict, [but] you can prepare.” – Howard Marks

Markets are attempting to stage a turnaround Tuesday this morning with equity futures firmly in the green and Europe also trading firmly higher.  Just release economic data has provided a boost as both Building Permits and Housing Starts for the month of August came in significantly better than expected, although the strength was attributable to multi-family rather than single-family units.

Read today’s Morning Lineup for a recap of all the major market news and events from around the world, including the latest US and international COVID trends.

After a rough options expiration week, this week didn’t start any better as the S&P 500 fell 1.7% yesterday.  So how common is it for the S&P 500 to trade down more than 1% on the Monday following options expiration?  Since the start of 2010, there have been eighteen other occurrences, and yesterday was the second time this year and the seventh time since the COVID outbreak in 2020; so they are occurring with a bit more frequency lately.  That being said, a year before COVID it happened three months in a row spanning November 2018 through January 2019.  Also, like 2020, there were five occurrences in 2011.

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