Friends

Again, not surprisingly, it was another quiet day of trading as we steer this ship towards Christmas and the year end. Other than the impeachment proceedings going on in the House of Representatives (which the market seems to care little about) there really isn’t much market moving news at the moment.

For the day, the Dow Jones Industrial Average was down 27 points to close at 28,239. The S&P 500 was down 1 point to trade at 3191. Gold was mainly unchanged, trading at $1,479 per ounce, while oil was also mainly unchanged, trading at $60.94 per barrel WTI.

On the earnings front, Fed Ex had a very disappointing report after the close yesterday (continuing a string of disappointments from the company). Its shares took a bit of a drubbing, but these one off earnings disappointments haven’t yet affected the overall market, as stocks continued to grind higher. Let’s see if anything changes before week end. It doesn’t seem likely.

Have a nice evening everyone.

Jim

Friends

As confusion reigns over the likelihood of a trade deal, or at least a delay in new tariffs, stocks drifted lower for the second day in a row. Again, the move was less than convincing, but nevertheless Friday’s jobs report induced euphoria has seemed to evaporate as we get closer to the December 15^th trade deal deadline. In addition to trade, the markets also have to grapple with impeachment proceedings and politics in general as we head into an election year. God help us all.

As for today, by the close the Dow Jones Industrial Average was down 27 points to finish the day at 27,881. The S&P 500 was down 3 points to close at 3,132. Gold was up $4 to trade at $1,468 per ounce, while oil was up $.25 to trade at $59.27 per barrel WTI.

We’ll get the Fed decision on interest rates tomorrow (no change in rates is expected), and after that it will likely be trade and politics until year end. First, let’s see what the Fed has to say for itself tomorrow and then we put them aside until next year. Stay tuned.

Have a nice evening everyone.

Jim

Friends

Buoyed by another weak manufacturing data point and concerns that the trade deal with China will be “delayed” once again, the bears were able to add to Friday’s modest losses with a feisty selloff of the market averages. Of course, we haven’t seen very many pullbacks in recent times, so when they occur they tend to get your attention. Whether today’s move is anything to be concerned about for the bulls will only be revealed over time, but a pullback could certainly be refreshing. Of course, we all remember last December, and that was a lot more than refreshing. In fact, I could use a little less of that kind of refreshing, thank you.

By the close, the Dow Jones Industrial Average was down 268 points to finish the day at 27,783. The S&P 500 was down 27 points to close at 3,113. Gold was down $3 to trade at $1,468 per ounce, while oil was up $.76 to trade at $55.93 per barrel WTI.

Once again, given the gains stocks have seen so far in 2019, it would not be surprising to see a bit of backing and filling. We have pointed out for a couple of weeks that there appears to be a bit of a tug-of-war between those fearful of buying at all-time highs and those who have been somewhat left behind this year and are fearful of missing out on more gains. This should be an interesting week for the markets. Remember, impeachment proceedings will also be part of the equation. Stay tuned, we’ll keep you informed as the week unfolds.

Have a nice evening everyone.

Jim

Friends

It was another very quiet trading session with mixed results once again. The bond market was back open today, but that didn’t seem to make much of a difference. The President gave a speech focused on economics, but that didn’t seem to fire up any animal spirits either. For the most part, it appears that market participants are caught between the fear of buying at new highs and the fear of missing out should stocks go higher into year end.

For the day, the Dow Jones Industrial Average was down a fraction to close at 27,691. The S&P 500 was up 4 points to finish the day at 3091. Gold was up $1 to trade at $1,458 per ounce, while oil was down $.08 to trade at $56.78 per barrel WTI.

The most talked about thing today was the first day of Disney’s new streaming service. If you have Verizon, you evidently get one year free. Regardless, given the buzz, it appears that it will be a very popular offering from Mouse House. As for the markets, let’s see if the week picks up any steam as we roll along.

Have a nice evening everyone. Stay warm.

Jim

Friends

Not surprisingly, after yesterday’s earnings driven rally, stocks took a bit of a breather today after a somewhat disappointing retail sales number was released before the opening bell. As mentioned, we are just getting started with regards to earnings reports (Bank of America added to the decent reports from large banks), and after the close we’ll hear from Netflix, IBM and CSX.

For the day, the Dow Jones Industrial Average was down 22 points to finish the day at 27,001. The S&P 500 was down 5 points to close at 2,989. Gold was up $9 to trade at $1,493 per ounce, while oil was up $.50 to trade at $53.31 per barrel WTI.

We’ll continue to keep an eye out on all the earnings reports that will be rolling out over the next few weeks. Stay tuned.

Have a nice evening everyone.

Jim

Friends

What a quarter. Political turmoil, recession fears, trade wars, Fed indecision/confusion, daily headline risk and never-ending market moving tweets. Good grief, how much did the market suffer? Well, actually, after all was said and done both the S&P 500 and the Dow Jones Industrial Average were both up around 1.25%. No, that’s not much, but given the gloom and doom feelings that permeate the business news channels on a daily basis, it’s remarkable that stocks weren’t down double digits for the quarter.

As for today, by the close the Dow Jones Industrial Average was up 96 points to finish the day at 26,916. The S&P 500 was up 14 points to close at 2,976. Gold was down $27 to trade at $1,480 per ounce, while oil was down $1.71 to trade at $54.20 per barrel WTI.

We turn the page on the 3rd quarter and now enter the final quarter of the year. Expectations are that we will see one more Fed rate cut before year end, and this upcoming earnings season is sure to cause some concern as companies continue to navigate existing and potential trade situations. Let’s catch our breath and buckle up for the final three months of the year.

Have a nice evening everyone

Jim

Friends

Stocks ended lower, but without much conviction. The revised GDP number came in exactly the same as the previous revision, up 2% for the 2^nd quarter of the year, and the pending home sales number was better than last month. Once again, on the economic front, though not necessarily robust, the U. S. economy is “hanging in there” despite the stress we are seeing around the globe. (Notice I didn’t mention political headlines and tweets-I just can’t).

For the day, the Dow Jones Industrial Average was down 79 points to finish the day at 26,891. The S&P 500 was down 7 points to close at 2,977. Gold was down $1.40 to trade at $1,510 per ounce, while oil was up $.06 to trade at $56.55 per barrel WTI.

Tomorrow, we get a look at durable goods orders, personal income, consumer spending, core inflation and the consumer sentiment index. Hopefully, that is enough to distract us from tweets and headlines. Let’s see how the week finishes out tomorrow.

Have a nice evening everyone.

Jim

Friends

Yields on bonds fell this morning which spooked the stock market at the open, but the bulls rallied the troops and stock buyers appeared and drove sticks higher by midday. Trading was quiet in the afternoon, but the bulls can be encouraged that they were able to hold onto the hard earned gains.

By the close, the Dow Jones Industrial Average was up 258 points to finish the day at 26,036. The S&P 500 was up 18 points to close at 2,887. Gold was down $3.10 to trade at $1,548 per ounce, while oil was up $1.00 to trade at $55.93 per barrel WTI.

As mentioned, interest rate declines have been triggering stock sell offs. Did we break that cycle today, or was it just a one day phenomenon? It will be something to watch for.

Have a nice evening everyone.

Jim

Friends

Everything looked to be just fine. Despite the Chinese
announcement of additional tariffs (which sent stock futures lower right before
the open), Fed Chair Powell’s opaque speech at Jackson Hole seemed effective enough
to settle things down, and by about 9:15 stocks had actually worked their way
into positive territory. Then, the President went nuclear. He blasted Jay
Powell then declared China the “enemy” and last, but certainly not least he
wrote – “American Companies are hereby ordered to immediately start looking for
an alternatives to China…”. Now, I could be wrong, but I don’t think an
American President can order corporate America to “bring their companies home”.
Regardless, stocks collapsed and the selling got worse as the day wore on. The
demeanor of the President finally negatively affected stocks today. Many market
participants might agree with what the President is trying to accomplish, and
it’s not easy, but today the markets were unnerved by his temperament and
impulsiveness.

By the close, the Dow Jones Industrial Average was down 623
points to finish the day at 25,628. The S&P 500 was down 75 points to close
at 2,847. Gold was up $29 to trade at $1,538 per ounce, while oil was down
$1.43 to trade at $53.92 per barrel WTI.

We appear to be in a full-fledged trade war now (well, at
least until the next tweet), but that would likely force the Fed to be even
more accommodative than they might have been already leaning. So, let’s just
catch our breath, see what the President unveils this afternoon, and prepare
for next week. Remember, headline filled days like today are not to be acted
upon. Long term investment goals are achieved through patience, planning and
determination. We’ll be back at it for you next week.

Have a great weekend everyone.

Jim