Cash flowed out of the muni sector at the same time issuance of new
bonds climbed to the highest level of the year.
Only a tenth of the S&P have reported their 3Q numbers so far, and a
higher-than-usual percentage of them are exceeding analyst estimates on
both revenue and profits.
The third quarter for equity markets was similar to the two quarters
that preceded it in 2016 – a long stretch of relative calm interrupted
by brief bouts of volatility.
Our consistent advice to members is to remain focused on the long-term
investment plan that you have put so much thought into.
There’s the tendency for forecasts to be overly optimistic when it comes
to market performance and that of the underlying economy.