by Jason Bodner
November 25, 2025
My son caught the flu last week. He is feverish and miserable, but I let him know that this rough patch will fade and he’ll be fine. Markets are similar: Sometimes they feel awful, even when the underlying system seems healthy. And just like flu viruses that can freeze in permafrost for decades and return, old market fears have a way of thawing back to life. Inflation worries, growth scares, yield curve panic and valuation angst never fully disappear – they just wait for the right conditions to reappear.
Historically, November has been the strongest month for stocks, at least since 1990:
Graphs are for illustrative and discussion purposes only. Please read important disclosures at the end of this commentary.
But this November, the market got the flu, as the S&P, NASDAQ, and Russell are all lower:
Graphs are for illustrative and discussion purposes only. Please read important disclosures at the end of this commentary.
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