Der Bär scheint lahm oder gar tot zu sein

"Diesmal ist alles anders"? Kann schon sein, denn in die Zukunft kann niemand blicken.

Tatsache jedoch ist, dass es seit 1997 in JEDEM Herbst einen Abverkauf an den (US-)Börsen gab. Der Rückgang im DOW JONES lag dabei jedes Mal bei mindestens 4,7 %, in fünf dieser Jahre war er sogar größer als 15 %. Das ist statistisch signifikant, und es wäre töricht, dies zu ignorieren.

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Rev Shark Blog
Self-Fulfilling Seasonality?
By Rev Shark
8/31/2006 12:59 PM EDT

The market is weakening as news hits that Iran is continuing its uranium-enrichment program. President Bush is stating that there must be consequences for Iran's defiance. Oil stocks are trading up sharply on the news, and the indices are seeing some pressure.

As the leaves turn color and the kids start back to school, the big issue on the minds of many market participants is seasonality. Almost everyone knows that September is the weakest month of the year for the indices, and that the two biggest stock market crashes took place in October 1929 and October 1987.

Seasonality is not just a myth, and recent history is very supportive of the phenomena. In fact, the DJIA has declined during the fall every year for the past nine years. Every fall from 1997 to 2005, there has been a decline of at least 4.7%, and in five of the years the decline was greater than 15%. That is definitely statistically significant, and we'd be foolish not to reflect on it after the good run we have experienced lately.

The big question is whether this well-known seasonality is a contrary indicator or a self-fulfilling prophecy. Is it being anticipated to such a degree that it has already been substantially discounted and unlikely to occur?

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