September has been the slowest month for the stock markets.
In fact, the September October window has had the most number of incidences of Stock market crashes.
Chart above from Investopedia.com
Austrian economist Bob Wenzel sees the link between stock market crashes and the Austrian Business Cycle,
Austrian business cycle theory holds that the boom-bust business cycle is the result of central bankers printing money and distorting the consumption-savings ratio in favor of savings and the bust occurs when the printing stops and the economy adjusts itself back in favor of a more consumer leaning consumption-savings ratio, which sees more money head into the consumption sector.
When a central bank stops printing money, September may act as something of a catalyst to push the consumer-savings ratio in favor of consumption more rapidly, since September is likely a very heavy consumption spending month. Consumers spend money in September for new school clothes for kids. The colder months begin to approach, so winter clothes are bought. More televisions are likely bought because of the colder weather, as more people spend time inside. Thus, there is more consumption and liquidation of savings (including stock ownership and withdrawals from banks) in September to fund the increased consumer spending.
October actually seems to be the month when stock market crashes occur most often (Think October 1929 and October 1987), as opposed to September. This may be a continuation of the problems started in September. Stocks go down and consumers have spent money that previously would have propped up the stock market. Further, October stock market liquidations also occur late in the month as people start thinking about Christmas shopping and less money is added to the stock market.
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