Market opened in the green, but quickly turned red, to begin September. August ended with a decline, even ever-so-slightly. The 5-month win streak comes to an end for the S&P 500, so does the 6-month streak for the DOW. The NAS finished positive for the 2nd consecutive month for those paying attention. Despite the losses, August was a very mild month. The S&P didn’t have a single 1% move in August for the first time since August 1995. That’s something. Now here comes September. Activity will pickup. Tech earnings are disappointing with guidance. It was the case with Palo Alto on Tuesday, followed by SalesForce yesterday. British economic data is showing no ill effects from Brexit. Spain on the other hand seems to be heading back to a bad place. Donald Trump had a meeting in Mexico, and the wall was indeed discussed. Brazil voted to impeach its President. The price of oil is lower while interest rates are higher. The Dollar is catching a bid. Gold is flat. The year-end push begins next week, after Labor Day. Things have picked up already. Tomorrow comes the August job report which will weigh heavily on the Fed’s decision in 3 weeks. The seat-belt sign has been illuminated.
Have a great day,
Mike
