The morning witnessed more records in major U.S. indices … and I am not talking about just the S&P 500 … as the Dow and tech-heavy Nasdaq reached new intraday highs as well.
What is most interesting is how glowing stocks performed in October … for it was one month ago (following a September decline) … that many voices appeared to call for, at best, a boring October. That, of course, did not happen as returns for the month could be thought of as “spooktacular” … resulting in possible disappointment to any who followed the famed saying of “sell in May and go away.”
Will gains continue? Of course, no one knows for sure … although there appears to be wind in our sails, according to survey results of those planning to continue to invest. In this regard, JP Morgan Research claims that 67% of respondents plan to increase equity exposure in the months ahead … but this is not limited to retail. Daily Shot reports Merrill Lynch Private Equity allocations hit a new high (according to BofA Global Investment) and Financial Times touts the bullish opinion of Family Offices.
All this is in the face of a Bloomberg view that sees the possibility of 3 rate hikes by the end of 2022 … something that Daily Shot claims the equity market is ignoring.
Daylight Savings Time ends this weekend … and it seems there are quite a few who seem to hate the biannual adjustment of the clocks. What I found surprising are the many “fits and starts” surrounding “DST” … and learned it was actually introduced for a period of time (no pun intended) in 1918 and again in 1942 … before becoming law in 1966.
On a final note for today, I just read that PETA (“People for the Ethical Treatment of Animals”) is putting pressure on Major League Baseball to stop using the term “bullpen” (the area where relief pitchers assemble) and, instead, rename this area the “arm barn.” What?
This, of course, has created chaos with another group named “PETORP”
… “People for the Ethical Treatment of Relief Pitchers”
The silly renaming games continue with no mercy.
Have a great day,
Joseph G. Witthohn, CFA
Emerald Asset Management PA, LLC
610 Freedom Business Center Drive
King of Prussia, PA 19406
Direct: (610) 285-9905
cell: (856) 625-7915
Quick Look at the News
Construction spending fell in September … which is quite a surprise to many who thought spending during the (assumed) waning days of Covid would be on the rise (Reuters)https://www.reuters.com/business/construction-spending-unexpectedly-falls-september-2021-11-01/
… but not only might there be a shortage of physical supplies … but without labor who is going to put homes and additions together? That is not a job for the unskilled (TheGuardian)https://www.theguardian.com/money/2021/nov/01/the-great-resignation-almost-one-in-four-workers-planning-job-change
I mentioned this before but am really intrigued by the new Apple AR glasses coming out. I remember rushing out to buy the Google glass. They now sit in a drawer somewhere (DNYUZ)https://dnyuz.com/2021/11/01/apple-ar-glasses-headset-coming-next-year-insiders-say/
Daylight Savings Time will end this weekend … and, much as it was cheered when instituted it seems that quite few are not fans at all for many reasons … including health (USAToday)https://www.usatoday.com/story/news/health/2021/11/01/fall-back-daylight-saving-time-health-experts-want-you-know/6174156001/
What is one of the biggest contributors to methane (which greatly adds to global warming) is cow burps. Really. Change cow diets and save the world (FastCompany)https://www.fastcompany.com/90691267/theres-a-simple-fix-for-emissions-causing-cow-burps-just-give-them-a-little-seaweed
A little bit of baseball history. Because relief pitchers were put into a special area and rounded up like cattle … it was called a bullpen. Now seen as “inhumane” the name might change (wzzm13)https://www.wzzm13.com/article/sports/locked-on/mlb-podcast/peta-wants-mlb-baseball-fans-to-rename-bullpen/535-20a20c5e-6646-499e-8d3a-16569e498db3
The statements above are supplied for educational purposes only. The statements depict the viewpoints and opinion of the author and are not necessarily the views of Emerald Asset Management or its affiliates. The information described herein is taken from sources which are believed to be reliable, but the accuracy and completeness of such information is not guaranteed by us.