Wall Street may have some optimism to look toward if past market trends hold true into next month. November is typically an outperforming month for Wall Street, according to data from the "Stock Trader's Almanac." The benchmark S & P 500 and the Dow Jones Industrial Average have each historically posted an average gain of 1.7% in November, dating back to 1950. Meanwhile, the tech-heavy Nasdaq Composite has climbed an average of nearly 2% in November, dating back to 1971.
"Using the history of the seasonal cycles and the patterns that we look at, set up a very typical late October low potentially, and we listen to our history and we listen to our cycles and that's what it's telling us," he said.
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