Quite shockingly, the S&P 500 is down this morning. Why do I put it this way? Because I’m not used to saying it … as last night’s close was the 8th consecutive gain in a row and, according to S&P Analyst, Howard Silverblatt, there have been 65 S&P closing records set this year to date.
It seems that people (not just investors) are in an increasingly buoyant mood of late … at least locally. I went into a restaurant the other night to pick up food and it was wall-to-wall people crowded together … maskless … in loud conversation(s) … and I found myself shouting in order to have my own food pick-up details heard. A portfolio manager shared with me yesterday their belief that foot traffic in stores is increasing … and one theater chain reported that the number of moviegoers is rapidly improving.
It is possible … quite possible … that the “pent-up demand” spoken about by Wall Street analysts is finally on our increasingly crowded doorstep.
One other area that seems to be gathering steam is the sudden bump in the prices of many crypto-currencies.
I know I am repeating a story, but my CEO was on television a while ago and was asked why the price of gold was rising. His response was that “gold is going up because gold is going up.” While it sounds kind of goofy, it is correct when you think about it … as people see a price go up, see friends making money … and, thanks to FOMO (“fear of missing out”), jump on board driving prices further up … and the cycle continues until, eventually, this investor-created game musical chairs ends. But no worries. You will always be able to get out before a sharp decline … or so we convince ourselves.
Oh, and one other point about cryptos and NFTs and a lot of these things is the need to keep taxes in our minds … as mentioned in the last story below.
That about it for today.
I just had another vaccine argument with a friend who asked me if I worry about having chips injected in my arm.
I told him I really didn’t mind as long as it was Doritos.
Maybe I shouldn’t have tried one of those cannabis gummies.
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
Power to the people! There has been a long history of anti-nuke protest, but to combat climate change some might be will to take on one evil to fight another (DNYUZ)https://dnyuz.com/2021/11/09/rolls-royce-unveils-plan-to-build-small-nuclear-power-plants-in-britain/
While jobs seem plentiful right now, getting the right job is something else entirely. Recruiters barely have time to look at your resume so you must make it stand out (CNBC)https://www.cnbc.com/2021/11/08/5-strategies-to-make-your-resume-stand-out-to-recruiters.html
... and if you are fortunate enough to land the interview … there is still work to be done … and mistakes here can be costly (Promellu)http://promellu.me/10-psychological-tricks-for-job-interviews-that-can-make-recruiters-fight-for-you-new-tips/promellu.me
Of course, some jobs are in short supply … truck drivers among them … but robots (and driverless trucks) are being used to fill the gap (4029TV)https://www.4029tv.com/article/driverless-delivery-trucks-for-walmart-begin-operating-in-bentonville/38193418#
You want chicken wings while your spouse wants a taco. What to do? You might order from a “ghost kitchen” that can create both (CNBC)https://www.cnbc.com/2021/11/09/inspire-brands-debuts-ghost-kitchen-as-chains-lean-into-virtual-operations.html
… but don’t eat too much or you might join the out-of-shape crowd. A large amount of Americans are having trouble walking up a flight of stairs. Hold onto the railing and slow down (StudyFinds)https://www.studyfinds.org/exhausted-walking-up-stairs-exercise-pain/
Cryptos, the Metaverse and NFTs are all the rage right now … but in using them keep one important thing in mind. Taxes (Protocol)https://www.protocol.com/nft-game-tax-scholarships
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.