NEW YORK ( TheStreet) -- While October is notorious for famous market crashes, September is seasonally a bad month for equity markets, Keith Bliss, senior vice president of Cuttone and Company, told TheStreet's Debra Borchardt.
The September market woes are true, assuming you look through the entire history of the stock market, he said. However, over the last 20 years, September has been positive 11 times.That may not be a great percentage but it's still better than many bears would hope for, Bliss said.
With or without gains this month, it's going to be volatile, he added, especially with this year's debt ceiling debate in Congress quickly approaching.
Although the markets may have sold off a little too hard last week, they have started to rebound this week, he said, adding he expects the S&P 500 to continue higher into the 1,665 to 1,670 range.While he's looking for more upside in the short term, he also expects the market to be rangebound and new highs this year would be surprising. Because of this, Bliss has been positioned in defensive stocks. He added that nimble traders can still make money in this type of environment. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell