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Par Daniel Van Hove, CFA, Managing Director Bellatrix Asset Management S.A.
EQUITY MARKETS
U.S. equities, as measured by the S&P500 index, had their best September rally (+8.8%) in 71 years. The index reached 1141.20 at the end of the month. Thanks to four straight weeks of gains, the index erased its year-to-date loss and transformed it into a year-to-date positive return of 2.8%. This surge defied what is historically the worst month for stocks, with the S&P500 index falling 0.7% in Septembers since 1950. The index is still 5.8% below its 2010 high reached on 23 April 2010. From a technical viewpoint, it is interesting noting that both the 50- and 200-moving averages have been crossed upwards.
Bank of America/ Merrill Lynch ‘s RIC report...
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