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

Good morning.

I got the shingles vaccine yesterday and feel a bit tired right now … but I realize it might be psychological … as I foolishly read about the side effects prior to getting the shot.

The Dow and S&P 500 achieved new intraday records this morning as sharp gains (so far) in the month of October are helping to make September’s decline feel like old news. Maybe this is behind reported gains in Consumer Confidence numbers following three consecutive months of decline … though a growing view that the virus is winding down certainly must help.

People are still for the most part being cautious. Sure, we see tremendous crowds at college football games on weekends but many classrooms and establishments still have mandates in place – and a growing number of people have chosen to act as if the virus takes weekends off.

It is really becoming less of an issue in the minds of many and a recent BofA Fund Manager Survey shares the view that the main market drivers of 2022 will no longer be the virus (or lockdowns or even supply chain issues) but, instead, claims market drivers will be inflation and the Fed.

There was another report I found interesting published by Morning Consult which looked ahead toward the rapidly-approaching Thanksgiving holiday as it concludes people of all income levels will be cutting back (vs. pre-Covid) on Thanksgiving travel by quite a bit.

The final note for today has to deal with “truth in advertising” as someone sued claiming Kellogg’s Strawberry Pop Tarts had very little strawberries (dried) as they probably found out that Post had to settle once it was seen by the courts that Honey Bunches of Oats had very little honey.

For pure entertainment value, I just can’t wait to see what happens when the truth-in-labeling lawsuit against pot roast is filed.

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

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