Blackstone is the world's largest alternative-asset manager with $1.076 trillion in total asset under management, including $808.7 billion in fee-earning assets under management, at the end of June 2024. The company has four core business segments: private equity (25% of fee-earning AUM and 28% of base management fees), real estate (37% and 42%), credit and insurance (29% and 23%), and multi-asset investing (9% and 7%). While the firm primarily serves institutional investors (87% of AUM), it also caters to clients in the high-net-worth channel (13%). Blackstone operates through 25 offices in the Americas (8), Europe and the Middle East (9), and the Asia-Pacific region (8).

Blackstone is the world's largest alternative-asset manager with $1.076 trillion in total asset under management, including $808.7 billion in fee-earning assets under management, at the end of June 2024. The company has four core business segments: private equity (25% of fee-earning AUM and 28% of base management fees), real estate (37% and 42%), credit and insurance (29% and 23%), and multi-asset investing (9% and 7%). While the firm primarily serves institutional investors (87% of AUM), it also caters to clients in the high-net-worth channel (13%). Blackstone operates through 25 offices in the Americas (8), Europe and the Middle East (9), and the Asia-Pacific region (8).

Blackstone is the world's largest alternative-asset manager with $1.076 trillion in total asset under management, including $808.7 billion in fee-earning assets under management, at the end of June 2024. The company has four core business segments: private equity (25% of fee-earning AUM and 28% of base management fees), real estate (37% and 42%), credit and insurance (29% and 23%), and multi-asset investing (9% and 7%). While the firm primarily serves institutional investors (87% of AUM), it also caters to clients in the high-net-worth channel (13%). Blackstone operates through 25 offices in the Americas (8), Europe and the Middle East (9), and the Asia-Pacific region (8).

After last Monday's panic open, the major indices recovered over the rest of the week. If we step back and look at last week's returns, it's as if nothing happened. For the week, the S&P 500, the Nasdaq, the Nasdaq 100, the S&P 100, and the S&P 400 were all flat. The S&P Small Cap 600 and the Russell 2000 both fell to their 200-day average Monday morning and bounced, finishing the week off a little more than 1%. While there are a few green shoots, we think the market needs more rain. All the majors look like they are tracing out bear flags. If price breaks the near-term uptrend, that would suggest at least a test of the recent lows if not another leg lower. So far, we have seen a three-wave ABC decline for the indices. But will we end up with a five-wave decline? This is one of the clear limitations of Elliott Wave analysis. But we can get past that because we have not seen many shorter-term buy signals, as the five-day/13-day exponential average crossover as well as the eight-day/21-day EMA average crossover remain on sell signals for all the indices. In addition, the 21-day rate-of-change remains negative, the daily Vortex Indicator is improving but is still bearish, the Chande Trend Meter is neutral at best, and the major indices have all seen a cluster of distribution days since July 11 (especially the tech-heavy Nasdaq 100). Also of note is that we are still in a bearish seasonal period that lasts into September/mid-October. According to Jeffrey Hirsch at www.almanactrader.com , the Dow Industrials have been lower this option expiration week in 13 out of the last 17 years. (Mark Arbeter, CMT)