“October is historically a turnaround month, where the markets tend to turn around after weakness but often the weakness carries on into October. Maybe, we have to get to the middle of the month—until we get some Chinese data and then we turn around. We think stocks are probably headed higher from here to year end,” said Jeff Kleintop, chief international market strategist at Charles Schwab.
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October is a critical turning point for Fed policy and in a highly choreographed wind down, the Fed Oct. 29 is expected to announce it is finishing its quantitative easing—the controversial bond buying program that many strategists say has added liquidity and helped provide a strong backdrop for stock market gains.
The Fed then begins a slow walk toward its first rate hike sometime
Also Cramer said the latest data from Case-Shiller was nothing to write home about. On a seasonally adjusted monthly basis, prices in the 20 cities fell 0.5 percent in July. A Reuters poll of economists had forecast a flat reading. Nonseasonally adjusted prices rose 0.6 percent in the 20 cities on a monthly basis, disappointing expectations for a 1.1 percent rise.
The data could mean housing prices have peaked, too.
On top of that, Cramer noted that the strong U.S. dollar could mean that US exports have peaked and he thinks the price of bonds is probably near a peak too.
All told, it would sound like the market is in trouble. However, just because areas have peaked, Cramer isn’t sure investors should write the market off, altogether.