DM Monthly Report – October 2018

‘GOODBYE Q3’ – We bid farewell, not just to the calendar days of the third quarter, but to all of the equity gains accumulated during the period. Concerted selling in the second week of October precipitated a sharp decline in major markets and emphatically broke an extended run of calm that had seen the S&P 500 go 74 straight sessions without a single one closing up or down by more than 1%. Even worse, the plunge came just as envelopes were sealed on our Q3 client reports in which our commentary hailed the market’s steadfast resilience in the face of so many potential selloff catalysts! (ugh)  As investors grapple with this dose of downside, a few points worth noting:

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