- Fed's Fischer: Too early to decide on Sept hike.
- WTI was $45.22 and brent crude oil $50.02 on 8/28. Signs of reversal?
- Second Estimate: US 2Q15 Gross Domestic Product Expands by 3.7%.
- Buffett's Berkshire takes $4.48 billion stake in Phillips 66.
- Brazil has entered recession as country's economy contracted by 1.9%.
If indeed we are in the beginnings of a correction, I'd almost want to short at the 20DMA and then put my stop just above that and a target of the Monday lows. However, we'll continue to check price action and see what happens before making any decisions.
The Nasdaq (COMPQ) closed at 4828.33 on August 28th, 2015 versus 4706.04 on August 14th, 2015. We are likely to see resistance at 4900 as that was prior support. There are a couple gaps just above current price levels that programs will be targeting to fill.