After the volatility in July and August, some traders had their worst summer in years, being forced out at the bottom or in at the top, ,while those who went to the beach may have returned to find their portfolios little different than they left them. Under the surface however, things are changing, politics in the US are developing fast while the anti Globalist populism in Europe has got stronger in the face of attempts to suppress it. The Fed has acknowledged that the time has come for lower rates, which is switching attention to the prospect of a weaker US$ and the idea that the monopoly profits that underpin the S&P earnings may come under treat from both regulators and global competition is starting to shift the focus from momentum and memes onto cash flow, yields and diversification.