Scott Rubner, head of equity and equity-derivatives strategy at Citadel Securities, believes September provided the stock market with a much-needed reset. The S&P 500 gained only 2% in the third quarter, a disappointing performance masking significant underlying movements. According to Rubner, investor equity exposure and leverage declined, retail activity cooled, algorithm-focused funds sold, and valuations compressed. These combined factors point to a good end of the year for stocks.
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