September has a history of being the most difficult month of the year for the market, and this year has been no exception. The continuing conflicts between Russia and Ukraine and the War in the Middle East are going on longer than expected and it appears that higher energy prices will continue to be with us as a result. Additionally, the recent 1/4 point hike by the Federal Reserve and expectations of future rate hikes are pressuring interest rates higher. The markets hate uncertainty and this is reflected in a volatile September.

The markets have recently shifted back to the Magnificent Seven (growth stocks) and away from the cyclicals. It's important to remind ourselves that sectors within the market are also cyclical, a sector in favor one quarter may become out of favor the next quarter. That cyclical rotation is sometimes reflected in our performance.

Trying to trade these cycles is not our investment style, and history has shown it can be self-defeating by increasing costs to the portfolio as well as reducing our chance for long-term success.

Earnings continue to be strong, unemployment continues to be low, and the consumer continues to be resilient. This should lead to the bull market continuing once we get past this volatile time of year (September and October) and we anticipate ending the year higher than we are today.

"History doesn't repeat itself, but it does rhyme." - Mark Twain