I wasn’t going to write today … as markets are closing early and I assume many readers will be on the road attempting to get an early jump on the holiday. But I am in Charlottesville, Virginia, doing some industry stuff starting this weekend … and might not be able to write a few times … so, feeling guilty, I felt I should put something out.
First of all, stocks are up and the S&P is within inches of reaching the 3,000 mark … a level never before achieved … and if the note from Barclay’s is correct (which is the first link below) … we could be in for an upward pop in stocks … in rather quick fashion.
Other than the relief over a trade war truce … what could be driving this?
It might be moves by the administration … with the President trying to stock the Fed with governors more inclined to lower rates … buffeted by the announcement just out that the U.S. might make moves to keep our currency somewhat weak to combat other country’s apparent currency manipulation.
Both (or either) of these moves could come back to haunt us in the long-run, but that discussion is for future historians to decipher. There is an election to win and a strong market up until that time (at least) is what really matters in the eyes of many.
On a final note, Bruce Linton, the co-CEO of cannabis company, Canopy Growth, was fired. Yes … the company’s comment was that he was “stepping down” but he is quite forthcoming by saying he was outright canned.
No reason was given yet, but I have my suspicion.
Maybe he failed the drug test.
Have a great holiday,
Joseph G. Witthohn, CFA
Emerald Asset Management PA, LLC
610 Freedom Business Center Drive
King of Prussia, PA 19406
Direct: (610) 285-9905
… as of 10:57 AM today …
Quick Look at the News
For stock market investors could better times lie ahead? Some at Barclays feel a rally might be in the cards, driving the S&P to even new heights (CNBC)https://www.cnbc.com/2019/07/03/barclays-a-ripping-rally-sending-the-sp-500-up-10percent-is-now-the-highest-probability-outcome.html
... and thoughts of a trade war might shift to a currency war ... as the administration sees a strong dollar as causing a problem with trade (CNBC)https://www.cnbc.com/2019/07/03/dollar-slides-after-trump-says-the-us-should-match-the-currency-manipulation-game.html
Virtual Reality has not taken off the way many thought it would (me included!). Now the question is if it is in its infancy ... or showing signs of its eventual demise (Fortune)https://fortune.com/longform/virtual-reality-struggle-hope-vr/
... although one thing with wind behind it (kind of a pun was intended here) is renewable energy ... as it continues to shine (oh, look ... another attempt at humor) (Fortune).https://fortune.com/2019/07/02/renewable-solar-wind-energy-investment/
Like a calendar, days might be numbered for the green iguana ... as Florida just gave permission to homeowners to ... well ... kill them (USAToday)https://www.usatoday.com/story/news/nation/2019/07/03/green-iguana-florida-says-kill-them-whenever-possible/1637307001/
So much for privacy! Police forces across the nation are using surveillance from video doorbells in an effort to fight crime (BusinessInsider)https://www.businessinsider.com/amazon-ring-video-doorbell-footage-used-by-police-report-2019-6
... but if you think it is only outside your home that is for all to witness ... think again ... for your Alexa could be keeping your data forever ... with no guarantee it will be forever private (CNET)https://www.cnet.com/news/amazon-alexa-keeps-your-data-with-no-expiration-date-and-shares-it-too/