Good morning. There are no new records for the three major indexes today … at least, so far … but each is showing gains and investors can sneak away to lunch feeling a bit relaxed over the present calmness of the markets. Of course, all that can change at a moment’s notice … but we’ll enjoy the serenity while we can. Venezuela? For the time being, at least, this seems like yesterday’s news … literally … though I did have a friend from New York just send me a text bragging that his local gas price is now down to around $2.49/gallon … and prices go with a possible increase in oil supply is anyone’s guess. The reason I bring this up is that President Trump is running into the same problem his predecessor did … and this is pointed out in today’s Daily Shot letter as the publication broadcasts the headline: “Hard data and sentiment surveys tell a different story.” While some indicators do point out speed bumps on the road to economic prosperity, GDP, industrial production, and retail sales have been better than expected … and yet, surveys are showing anguish over the economy. Economy … holding its own. Man-on-the-street? Not happy at all. What could be the cause of this? Maybe it is true that a small portion of consumers are, in fact, spending like mad … while another group … farther down the economic ladder … are falling further behind … borrowing from their future … just to catch up with the Joneses today. While I didn’t attend this year, I am keeping a close watch on information coming out of CES (Consumer Electronics Show) and have friends filling me in on some of the exciting things they see there. Attending is a drug for dreamers … as it is there where I saw my first flying car (now legal in some places), drones (which I bought immediately), VR experience and so many other things that could succeed and be part of our everyday lives … in the years ahead. And yes, there are duds. I purchased two “personal robots” over the past years … made by companies that are now bankrupt. So maybe it’s good I took a break this year. I might have bought another. That about wraps it up for today as I have something for which I need to prepare. A few years ago, a fortune teller told me that as I got older, I would travel more. She was right. … what she didn’t tell me was it would be to doctor’s appointments. Have a great day, Joseph G. Witthohn, CFA Have any questions? Please contact info@teamemerald.com
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