It was unquestionably the wildest trading week since at least August 2011. With the sp'500 collapsing to 1867 (with VIX 53s), a successful re-test at the Tuesday close, and then seeing a hyper ramp of 126pts (6.3%) to 1993. The coming weeks.. and perhaps months, will offer more powerful swings.
Suffice to add, it was an incredible week to be part of... and I expect more wild action in Sept/Oct... regardless of whether the Fed raise rates. In many ways.. they are arguably in a lose-lose scenario.
I remain open to a much deeper intermediate correction to the low 1700s.
Bonus chart to end the week
More than almost anything right now, the following chart should be a stark reminder to those believing we will just push straight up to new highs for the remainder of the year.
With one trading day left of the month the Dow is net lower by -1046pts (5.9%). I'm guessing Monday will be a net daily decline, so that closing month number sure ain't going to be pretty.
Goodnight from London
*the weekend update will be a full review of US weekly indexes