Markets are great at reacting to a single stimulus but are like a frog in a pan of warming water when it comes to consequential events. Forget “Black Swans” or “no-see-ums”, but figure out how the increasingly complex picture of unfolding events and consequences are driving markets!
October is the cruellest month for markets. What to fear most? Markets? Energy? China? or America? Or will it be a “no-see-um” that sinks us?