August is supposed to be lazy days with reflection of another summer gone by in the rear view mirror.
Not for the markets. It started with the government scrambling to avoid default on its debt. Worries escalated over European countries defaulting on their debt too. If that wasn’t enough, economic indicators began pointing toward another recession. Throw in the fact that the Dow had swings of 100 points or more for 15 trading days had investors feeling queasy.
But traders continue to cling and chase any kind of direction. We saw that with high hopes that the Federal Reserve will provide more stimulus. That had the S & P rallying the last several days of the month.
So what’s up for September besides autumn straight ahead? Only time will tell but we do know one thing. The market has been rather quick to forgive.