- Dow had worst August decline in 17 years and the NASDAQ its worst August in 14 years.
- WTI was $44.63 and brent crude oil $48.14 on 9/11. Prices still holding 40s.
- S&P trailing-12-month US corporate default rate was at a two-year high of 2.4% in August.
- Blackstone agreed to acquire Strategic Hotels & Resorts for approximately $6 billion.
- Box beats with $73.5M in revenue in Q2 2016, hits 50K customers.
The Dow Jones Industrial Average (DJIA) closed at 16433.08, which was about a 330 point increase versus a week ago of 16102.38 on Friday, September 4th 2015.
The DJIA now formed a trading triangle, which we will await to see whether it breaks up or break down. While it briefly tested the 20 DMA, we didn't see follow through action and therefore any shorts from the 20 DMA were most likely covered in the subsequent days. Right now we are pretty much in no man's land with 50/50 odds of where the market will go.
The S&P 500 closed at 1961.05 on Friday, September 11th 2015 versus a week ago of
Starbucks (SBUX) is one of the stronger charts that has recovered after what seems to be a minor correction. Whether or not it holds the 20 DMA will be something to watch. Keep in mind the trendline is still broken and until another upward trend sets up, this chart is just making lower highs and lower lows. However, keep this on the watch list if the market turns bullish.