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Market Review:
The Big Picture
The month of August has seen our major markets take a turn lower. The big picture seems to be related not to the month, but rather to the quarter.
As of the open of this week, the ES market is down 1.5% from the open of the quarter. The NQ and the Russell are down a bit more, and the YM is fairing a little better. All four markets started this week below the open of the quarter. All four rallied on Monday.
The YM managed to peak above the July open for a short time on Monday. As we close out August, and gear up for September, don't forget July.
CRM reports Wednesday. They opened the year at 135.19. They opened the quarter at 210.57, and opened August at 223.89. CRM opened this week at 210.45 and closed Monday at 211.72. Like much of the overall market, the month of August has seen a decline. It is a decline that has brought the market down to a level where the open of the quarter is a defining number.
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