The S&P 500 (including dividends) is now down less than 4% for the year. The average hedge fund was down about 7% or 8% at the end of September according to the popular hedge fund indexes. We are nearing the point where performance anxiety might start to kick in as managers look to make up performance into year end.
In the short run the market is once again extended and a pause or correction would not be surprising. However, equity allocations remain low and the potential for further upside is there. Have a good night.