Gene Inger writes in a somewhat cryptic fashion, but when you read between the lines you'll find that he is consistently right on the money. In his update last thursday he states

Simply put: special situation and non-leveraged holders (barring worldwide pandemic of course) probably relish these fears in Octobers, because it's often the best of times to be entering purges, not exiting. And that's why having reserve buying power so as to enter during any (presumably non-systemic/non-earth-shattering) October sell-off's is in most cases the desired approach. This week we worked-into such an inflection.

Fade the October selloff?