“I have learned through the years that after a good run of profits in the markets, it`s very important to take a few days off as a reward. The natural tendency is to keep pushing until the streak ends. But experience has taught me that a rest in the middle of the streak can often extend it.”“- Martin Schwartz

1. U.S. to export condensate for third month to Europe, South Korea — Reuters, export of ultra light oil, or condensate, from the United States are set to continue for a third month, with two cargoes due to load in September for shipment to Europe and South Korea. Oil producers are looking to export a growing surplus of condensate due to the shale boom, while consumers, such as refiners, have lobbied to keep exports forbidden to ensure lower energy costs in the U.S. Washington has still held back on issuing more permits to export the minimally refined oil, despite growing international pressure to soften the ban.
2. Bull Market Crosses The 2,000 Day Mark — courtesy of BIG, below is a chart showing the length (calendar days) of bull and bear markets for the S&P 500 as they have occurred from 1928 through today. As noted, only three other bull markets have lasted longer than current market.

3. FOMC Meeting — the Fed renewed its pledge to keep interest rates near zero for a “considerable time,” reassuring investors who might have been worried that the statement would point to an earlier than anticipated rate increase. As expected, the Fed said it would move to end its most recent asset purchase program at its next policy meeting in October.
4. “Dow Theory” Shows Bullish Move — courtesy of BIG, the Dow Transports index has broken out to a new high as well as the the Dow Industrial’s.

5. Scotland spurns independence in historic vote but demand new powers — Scotland spurned independence in a historic referendum that threatened to rip the United Kingdom apart. Opponents of independence won 55 percent of the vote while separatists won 45 percent with all 3.6 million votes – a record 85 percent turnout – counted.
6. Alibaba IPO prices at top of range, raising $21.8 billion — Alibaba raised $21.8B and shattering records as the largest U.S. IPO in history. The sale places Alibaba (NYSE:BABA) in the ranks of the most valuable Internet companies with a market capitalization of $168B, 20x FY14 (ended March ’14) sales and 45x FY14 earnings.

The week ahead — Economic data from Econoday.com: