Barry Ritholtz of FusionIQ and The Big Picture blog says September will be a “make or break” month for the cyclical bull market. Ritholtz tells Bloomberg’s “Surveillance” that he is about equal-weight on equities right now (based on his normal 60%/40% stock/bond allocation), which is down from the beginning of the year and moving toward underweight. Ritholtz talks about the importance of not missing a rally and not moving entirely into one asset or another because of the high cost if you are wrong. He also says that, while he thinks the Federal Reserve’s efforts have been misguided, investors can’t afford to ignore what the Fed does. “You cannot be out of the markets is the Fed is going to open the [liquidity] spigots again,” he says.