We're now at an early point in the Q3 2012 earnings season, which happens, of course, in October, historically the most volatile month in the U.S. stock market. Let's step for a moment into the realm of market trivia and consider the October Effect in the stock market. October is the month that has, by far, hosted the most major market bottoms -- five of the ten in the chart below. As for market tops, October has hosted only one since 1950, the all-time high on October 9, 2007 -- the fifth anniversary of which we celebrated on Tuesday.
In terms of average monthly performance, here's a chart illustrating the behavior of the months since 1950. September has the worst track record. October is somewhere in the middle of the pack.
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