4 Investment Committee Members on the September Setup: Why None Are Selling

Wall Street’s biggest desks turned defensive as September opened. CNBC’s Investment Committee did the opposite. None of its four members plans to sell.

The split comes as stocks enter the month after 27 record closes this year. September is also the weakest month on the calendar.

Why Wall Street Is Buying Protection

Scott Rubner runs equity and equity derivatives strategy at Citadel Securities and came from Goldman Sachs. His August 31 note made three points.

• Earnings are done.

Companies authorized more than $1.1 trillion in buybacks through August. Those buyers go quiet from September 12.

• Retail steps back too.

Rubner’s data shows September has the year’s weakest dip buying. Purchases on down days run near half the normal pace.

• Hedges are cheap.

The VIX closed August at 14.4, its second lowest finish since December 2025.

“Use strength to reduce some exposure and add inexpensive protection into this event window,” he noted.

Others followed, with JPMorgan’s trading desk moving to neutral. Wells Fargo turned cautious on fears that AI spending has peaked.

Both were far more bullish weeks ago, when JPMorgan raised S&P forecasts as hedging demand dried up.

Why the Committee Is Not Selling

• Joe Terranova, Virtus Investment Partners

Momentum fell double digits this quarter while quality rose 1.5%. The market has somewhere to land, he says, so he will not turn bearish yet.

• Stephanie Link, Hightower

She is not trying to time the month. Any dip becomes a chance to add to positions she has been building. Value has beaten growth by 14% this year.

• Jason Snipe, Odyssey Capital Advisors

He calls himself a long-term investor, not a tactical trader. A soft patch is where he adds exposure.

• Josh Brown, Ritholtz Wealth Management

Momentum peaked on June 22 and has fallen 13.7% since. That rotation already happened, he argues. Trading the calendar only creates taxable gains.

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However, the record is milder than the reputation, because since 1950, September has cost the S&P 500 just 0.6% on average. The month still finished higher 34 times out of 75.

The economy is also holding up. Job openings stayed at 7.3 million in July, the Labor Department reported Tuesday.

Bitcoin (BTC) faces the same test. BTC traded near $77,130 on Tuesday, down over 2% over the last 24 hours. Both markets carry a weak September seasonality record.

The desks are paying for insurance. The committee is waiting for the sale.

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