Bloomberg Surveillance · Monday, September 28, 2026
Market strategist highlights a historical pattern in midterm years where pressure tends to build in the summer, with a bottom often occurring in October, followed by a rally. However, recent midterm years like 2018 and 2022 have shown more volatility with flipping back and forth, peaking, falling, rallying, and falling again, which is a cause for concern.
“You can sort of see the pressure in the summer. You bottom in October. You rally back.”
“But the reality is most of these midterm years have their own beat. In 2018 and 2022, we had a lot of flipping back and forth, very extreme moves, kind of peaking initially, then falling, rallying back, and then falling again.”
“And so that's what we're worried about is these last two cycles, there's been a different pattern that's emerged.”