Mark Twain famously wrote the title phrase but then Twain further observed that “July, January, September, April, November, May, March, June, December, August, and February were other dangerous months to be in the market.”  What was said about October has been especially true in U.S. presidential-election years, the Stock Trader’s Almanac finds.  What history actually shows is that September is the worst month for markets, not only because investors are probably looking a little more seriously at the data than they would have over the slower summer months, but also because it often happens that fourth quarter begins to show that investor expectations for earnings and growth for the year had been too optimistic and that time is running out to correct those shortfalls.  This year has really been no different despite pandemic-related volatility.  After technology stocks lead the market to record, ebullient highs in August, realities seem to set in this past month and stocks shed many of those gains. (more…)