 Hello, welcome to this CMC markets trading update. So we're asking the question, is September really that bad for stock markets? Now on the screen at the moment, you can see we've got our US 30 Dow Jones Industrial Average Chart. I've actually highlighted each September in the last seven or so years dating back to 2009. And you can see that actually in this bull market that we've had, September mostly been a positive month. We have to keep a context on this, we've had a very strong market, almost every month has been a good one. Now looking back further over time, September is without doubt the worst month of the stock market. Is it bad for trading? No, not necessarily. It can be very good for trading, but in terms of its monthly performance, it is the worst. So just to let you know here that in terms of the Dow Jones Industrial Average, it was created in the late 1890s and September has produced an average loss of 1.1% out of all that time. All the 11 other months of the year in contrast to produce an average gain of 0.8%, so it's the only losing month statistically in the history of the Dow Jones Industrial Average. Looking at another statistic, since the late 1800s, in more than half of the decades since then, September was either the 11th or the 12th worst performing month. So we can look back at a couple of historical events like back Wednesday, that was in September when the UK fell out of the DRM and we had a big drop in the pound, caused some trouble in stock markets, a few other events took place in September, but those single years, they actually don't explain it. And to a large extent, it is a bit unexplainable. Now let me show you some charts just to kind of put this into some context here. We've got the US 30R proxy for the Dow Jones on the screen here. Let me pull this chart in front for you. You can see here that looking at monthly changes over the last, the monthly percentage change over the last 100 years, 50 years and 20 years, it's just September that falls into that last 100 years characteristic and only a couple of months mildly in the 50 years characteristic and then a couple more in the kind of 20 year period. But you can see undoubtedly highlighted there in this chart from the Spoke Investment Group that definitely all three time periods, it was the worst performing month. Switch that over just to show that it's not a Dow Jones specific story. Here we've got some stats put together by Bank of America Merrill Lynch and you can see that here since 1928, it's like a different period of time. There was a couple of other months, February and May have seen small declines, but an obvious outlier here where September has seen an average monthly decline of minus 1.16%. And again, just to make sure that we're not talking about a purely US phenomenon here, this is a bit more international in nature. If I pull this other chart in, you can see that actually in terms of the FTSE 100, again on a slightly shorter time period, this one's 1984 to 2014, put together by Lowe's Financial Management. Here you can see that there's been a couple of other week months, but September again way out there in terms of it's worst monthly performance compared to all the other months. So why is this? No one actually really knows, it's just theories. One idea is that investors are more prone to sell stocks when they return from their summer holidays, which makes some sort of sense. Mutual funds, they have their fiscal years often times ending in September, so what they'll often do is something called window dressing, where they'll sell a bunch of their shares to make profits, to make the fund look more profitable than perhaps it really is, and while keeping the losses still on the books, not actually declaring those. Another theory put out there is that investors have to sell stocks in order to fund the tuition, the school and university tuition of their children. Again, probably not enough to explain such a consistent phenomenon, but there we have it, there's a few possible theories there. What do we take away from this? In a raging bull market, I think the bias is still for a positive month, but you've got to be aware that this is a statistic that's carried on over 100 years. September typically a bad performing month, so take care when your bullish bets in September. Thank you Jasper for signing out.