David Fuller's view

Following the climactic selloff on 24^th August, the Nasdaq Composite and Nasdaq 100 Indices have maintained relative strength and now edged back above their 200-day (40-week) moving averages.

Here are several of the iconic US Autonomies which have either remained above their 200-day MAs or recovered most of their declines following climactic selling on 24^th August: Amazon, Google, Starbucks and Nike. This leadership is consistent with the hypothesis that Wall Street has only experienced the overdue short sharp correction that I was mentioning in Audios before leaving for holiday on 20^th August.  We may see some further volatility before the end of October but I think there is more upside than downside scope over the remainder of this year and continuing through at least 1Q 2016.  

These daily charts of WTI and Brent Crude Oil retraced approximately one-half to two-thirds, respectively, of their late August rallies in an orderly fashion resembling consolidation over nearly two weeks before today’s upward dynamics.  These are potentially bullish patterns following the second persistent slump beginning in early May, which reached new lows before the three-day rebounds signalled downside failures. These technical developments are at odds with forecasts that oil will fall to $20.