Joseph G. Witthohn, CFA
VP of Product Development Emerald Asset Management

Good morning.

Stocks moved into record territory early in today’s session and then … whoosh! … completely changed direction and turned negative.  

Of course, a lot of reasons are being tossed about … including a reported end-of-the-year drop in consumer sentiment … and the realization that the initial jobless claims number (holding above 1 million per week, according to Oxford Economics/Haver Analytics) sets up quite an obstacle if it continues. 

And we have our old friend … the foe of confident investing … uncertainty. 

Up until a short while ago, it seemed that the government would be at a standstill of sorts … where one party controlled the House and the other, the Senate.  Historically, this has usually been good for markets.

But recent polls seem to point to the Georgia Senate races tightening up … and a number of strategists claim that if the Democrats control all three areas (the White House, House and … effectively … Senate) it could result in a market decline.  In fact, CNBC reports that Oppenheimer strategist, John Stolzfus, feels a 10% correction is in view if the Democrats win both races in Georgia.  Please note, this is the same person who – just a few weeks ago – called for an 18% market gain in 2021 once the pandemic concerns have passed so it is interesting to see how his tune has adjusted.

Sorry, a lot of words today.  A lot of stuff on my mind as I need to get some work done on my house and am trying out how to have people in the home for estimates … people whose “social bubble” is completely unknown.  Do I stand 10’ away?  Do I spray everything they touch?  This vaccine can’t come soon enough.

Meanwhile, as I’ve written in the past I’ve purchased … and been satisfied with … some of the Impossible Foods “fake beef” products … but I still eat “real steaks” quite a bit.

A vegan friend of mind said she feels that anyone who sells meat is disgusting.

I simply told her that anyone who sells fruits and vegetables is grocer.

Have a great day.

Joseph G. Witthohn, CFA
Vice President
Emerald Asset Management PA, LLC
610 Freedom Business Center Drive
King of Prussia, PA 19406
Direct: (610) 285-9905
cell: (856) 625-7915

… As of 11:41 AM today …

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