The following two graphs show total percentages gained to date for 2012 (includes September 11th closing data) for the six Major Indices and the nine Major Sectors.
The next two graphs show percentages gained/lost for only Q1 of 2012.
The next two graphs show percentages gained/lost for only Q2 of 2012.
If you're a fund manager who bought at the beginning of the year, sold at the worst levels of Q2 and have not participated in the Q3 rally, so far, your fund is underperforming miserably. You're going to be praying for the Fed to provide additional monetary stimulus at this next meeting so that you can jump in with both feet and buy at inflated price levels and hope that everyone else does, too...otherwise, you're probably preparing for chaos.
Accurate take on things? Only fund managers in that position can answer that, especially after Thursday. We'll all see the market's reaction for ourselves over the next days/weeks ahead.