Message from Jon
That is the term we would use right now for the market behavior we are witnessing. Any time an analyst comes out with a valuation or comment on a particular stock or index, they seem to be painting the picture to justify the price, meaning that instead of evaluating the merits of the investment and then using the data to arrive at a fair market valuation of the security or index, they seem to be landing on a price and then picking the data that will go to support that price, in our opinion.
It kind of reminds me of an old sketch with John Lovitz that sparked an 80's saying that started with some absurd comment and always ended with, "Yeah, Yeah, that's the ticket."1 Of course, the 80's was well before the cell phone, social media, and many other things that make me feel old as I write this.
At present, the market seems occupied with very little that could stand in its way of going up. Next time, and there will be a next time, this market comes slamming down, many more will be caught swimming naked and reacting surprised by what's happening around them.
Till we speak again, enjoy this beautiful weather!
Stocks and Consumer Prices Rise
WEEKLY UPDATE - AUGUST 17, 2020
The Week on Wall StreetStock prices drifted higher in an otherwise quiet news week, as a slowdown in new COVID-19 cases outweighed a Congressional impasse on a new fiscal-spending measure. The Dow Jones Industrial Average gained 1.81%, while the Standard & Poor's 500 rose by 0.64%. The Nasdaq Composite Index inched 0.08% higher for the week. The MSCI EAFE Index, which tracks developed stock markets overseas, advanced 3.11%.