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

Good morning.

Markets are down a bit this morning as investors await some sort of news a bit stronger than “talks are continuing” with respect to the U.S. and China trade agreement. There might be many “false signals” over the weeks ahead as we approach the December 15 deadline when further tariffs are scheduled to take effect if no deal has been achieved.

Meanwhile, trade talk aside, the White House is making the attempt to boost the economy in other ways.

There was a meeting between the President, Treasury Secretary Mnuchin and Fed Chairman Powell on Monday to discuss items such as rates … and even though the head of the Fed classified our economy as a “star” performer … the President sent out a tweet providing the view that our rates should be the lowest out there (even though others are negative). I do not have a Wharton education, so my comments should not be taken too seriously … but … what? I fear that driving down the value of the dollar (which becoming the lowest would surely do) will have consequences that will reach far beyond an election taking place in one year’s time.

I did notice one bit of interesting news this morning … as Sentiment Trader points out in Daily Shot that the number of 401k millionaire accounts at Fidelity jumped in concert with the S&P’s third quarter rally. At the same time, I recently read that many “regular” Americans don’t have enough spare funds to invest at all … which would imply the wealth gap continues to increase. Even the last article below tells us that many older Americans can’t even afford basic needs … much less “dabble” … and take risks … in the stock market.

That’s it for today even though I am now coming across holiday party invitations (for which I am less excited about with each passing year).

Of course, I’ll go to some … with the intent to stay a short while and then leave.

It dawned on me that as a kid I used to, many times, sneak out of my house to go to parties.

Now I am at the stage where I sneak out of parties to go home.

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
wit@teamemerald.com

… as of 11:40 AM today …

Quick Look at the News

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