The index is near a high, the average stock is not
September 24, 2026
Summary: We often hear concern from clients during uneven markets in the fall, and September and October are the months that prompt the most questions. We encourage you to watch this week’s webcast to understand what we are seeing in the data, why we are holding more cash than usual, and why the positioning has not changed. The headline is that the S&P and the Nasdaq 100 are within 1% of their all time highs after a strong Monday, driven by the Magnificent 7 and a four day rally in semiconductors. Underneath, the picture is different. The equal weight S&P is 5% off its high
