As seasonality is set to exit its most bearish month of the year, we see September as a win. The market has pulled back, which should not be unexpected with how many days the index moved higher. Fortunately, Chairman Powell’s comments did not totally shock the market, except when he gave investment advice about the value of stocks. Can his tenure end fast enough? The HCM-BuyLine® is positive, and we think any pullback should be seen as a buying opportunity until the trend changes. We are bullish going into the last quarter of the year, and we think 6700 or higher is within reason.

9-25-25-HIMS Chart

Hims & Hers Health (HIMS) has pulled back and looks to be buyable, along with TD Synnex Corp (SNX), which is breaking out and looks to be gaining momentum. Bitcoin has also pulled back, and we think investors should be looking to buy or add to their position. iShares has a nice Bitcoin ETF (IBIT). If you do not want to buy the coins themselves, the IBIT ETF is highly liquid, and we think it has a lot of bang for its buck.

9-25-25-SNX Chart
9-25-25-IBIT Chart

Stocks have so far not followed the historically weak seasonal trends often seen in September. Instead, the S&P 500 has risen almost 3% month-to-date, with renewed leadership from the growth sectors.

Earnings season has also been strong enough to ease some tariff concerns. Analysts, which slashed estimates following the Liberation Day tariff announcements, were proven to be too bearish. With 98% of companies reporting, the S&P 500’s beat rate has jumped to 81%. Assuming the result is maintained, it will mark the index’s best reading since Q1 2024. Analysts responded by turning more positive and raising 3rd and 4th quarter estimates.