October Has Started Dreadfully For The Stock Market And There Is More Downside Ahead

By: Jim Collins

It’s October.  In case you haven’t flipped your calendar page, the market action of the past two days had to have reminded you that September is over.  With the DJIA down nearly 1,000 points between 10AM Tuesday and 11AM Wednesday, the October Effect is clearly in full effect. Yesterday’s ISM report, as I explained in my Forbescolumn, was absolutely dreadful, without a single metric showing expansion, and the pace of contraction in the U.S. manufacturing sector has clearly accelerated.  

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