August has not been kind to the bulls, but this time of year it tends to be a struggle due to thinner equity trading volumes.
The FTSE 100 was certainly weighed down by commodity prices in early trading as well as corporate figures from BHP Billiton and the first set of figures from Glencore Xstrata since the amalgamation of the two firms. BHP has also had a number of leadership issues to tackle, with new CEO Andrew Mackenzie promoted from within.
It is hard to believe that most traders are not focused on the events later in the week. On Wednesday evening, the Fed’s FOMC minutes are released, followed by Thursday’s Jackson Hole seminar and then Friday’s GDP data for a number of European countries.