His comments were taken “wildly out of context.”
That is the description given by White House trade adviser, Peter Navarro, over immediate and sharp reaction to a comment he made during an interview last evening on Fox News. Now … I’m not the sharpest tool in the shed by any means, but I did watch the interview quite a number of times … and can fully understand those who heard his words and believed the trade deal with China “is over” … as he put it … though we, of course, found out we “wildly” misunderstood what we heard.
Meanwhile, we are told by the president that the trade deal with China is “fully intact” … and investors drove stocks up this morning in celebration over the clarification.
Why am I bringing up these little tales? An article below claims that most Americans are feeling “anxious” about their money. While we all would love to see markets rise … we are also witnessing how one comment regarding China … or one negative news story on the coronavirus … can send markets … and our portfolio balances … into a tailspin. It’s no small wonder why we’re anxious!
Frankly, I don’t know how to read this coronavirus thing. Should I ignore it … as many seem to be doing? I see the number of cases rising to a ridiculous level, but I also see the report that over 1 million people have recovered in the U.S. By the way, I came across that number when looking for something else … it certainly wasn’t a headline. Or should I continue to worry?
The last article below is pretty interesting as it claims that we might want to get used to working from home … as many of us might find ourselves doing so on a permanent basis.
Baseball looks as if it will have a shortened season. I don’t know … with all that is going on, this doesn’t excite me one iota. Maybe I’ll get more into it as the season progresses, but the air this year has gone out of my excitement balloon.
So to sum up the day … markets good … virus bad. But I did learn one important thing … and that’s in the way of how to respond to adversity.
The next time my wife complains about me coming home extremely late I will simply tell her, “you are taking things out of context.”
I suspect you’ll soon be finding my belongings either on eBay or out on the lawn.
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
… as of 9:57 AM today …
Quick Look at the News
How important are a few words? It seems ... according to investors ... quite a bit ... as one quick comment by White House trade adviser Peter Navarro threw markets into a tizzy (MarketWatch)https://www.marketwatch.com/story/dow-futures-knocked-around-monday-night-as-trump-trade-adviser-declares-china-trade-deal-over-2020-06-22?mod=djemDailyShot&mod=djemDailyShot
... meanwhile, don't look at U.S. home sales for any sign of relief. Inventory is down and sales of existing homes are also ... but do you really want to go on a house tour right now? (Reuters)https://news.trust.org/item/20200622144752-zkcve/
The other day ... in a rush and wanting caffeine ... I paid over $5 for a Starbucks flavored coffee. Now they will have Impossible Foods breakfast sandwiches. I want one. I hate myself (CNBC)https://www.cnbc.com/2020/06/23/impossible-foods-business-booms-as-demand-for-plant-based-meat-grows.html
... but the problem is that paying so much for something as basic as coffee makes me anxious ... which, when it comes to money, is an emotion I share with many fellow Americans (Time)https://time.com/nextadvisor/banking/coronavirus-financial-anxiety/
I knew it ... I just knew it ... strenuous exercise can actually shorten your lifespan. But I guess this is better than no exercise at all (StudyFinds)https://www.studyfinds.org/take-it-easy-too-much-strenuous-exercise-may-shorten-your-lifespan-study-suggests/
... which we all need to be aware of. Have you been working from home over the past few months? Well, you might want to get used to it ... as it could be permanent (NPR)https://www.npr.org/2020/06/22/870029658/get-a-comfortable-chair-permanent-work-from-home-is-coming