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

Good morning.
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
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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