Poor Market on Great Earnings

I update each Saturday with my view of the stock market for the next few weeks.  The monthly “Long Term” update will be on a Wednesday soon after the 15th of each month, and this supports investors who want to buy and hold, but want to sell to avoid the bulk of a crash, and buy back in for most of the next bull market.  You can always scroll down a few weeks and find the latest “Long Term” update.

If you lose your bookmark to the blog, google “Rich Investing and it should show up on the first page.

If you would like to be notified via email when I post a new blog entry, you can “Follow” my blog by clicking on the toolkit button at the bottom right hand corner of your screen when you are positioned at the top of the page and select “Follow”, then enter your email address. 

Economy:

Initial jobless claims came in at 209K, below the expectation of 230K.  The first estimate for first-quarter GDP came in at a 2.3 percent vs 2.9 percent in the fourth quarter.  That minor slowdown is traditional for the first quarter, impacted by snow storms in the north.  The U. of Michigan consumer sentiment survey came in at 98.8, down from March’s 14 year high at 101.4. New home sales peaked late last year and have been struggling since, held down by rising mortgage rates and limited supply, but did manage to beat expectations handily with 694K sales.

The economy looks good.

Geo-Political:

If Europe is slowing more than just the “winter doldrums”, that would put a dent in the “coordinated global recovery” story, and that could be part of what is wrong with the US stock market.

“Apr. 26, 2018 – ECONOMISTS have spent the past decade wringing their hands over the health of the euro area’s economy. Last year, in a welcome respite, it expanded by a robust 2.3%, outstripping forecasts and matching America’s growth rate. But it has appeared less rosy-cheeked since.

Symptoms include moderation in a number of monthly indicators. Industrial production fell in January and February, as did business confidence; retail-sales growth was disappointing. The purchasing managers’ index (PMI), an output survey regarded as a good early indicator of GDP growth, has fallen from exuberant—and perhaps unsustainable—levels at the turn of the year, though it still points to decent growth (see chart).

Germany, the bloc’s largest economy, has not been immune. A summary indicator compiled by the Macroeconomic Policy Institute, a German think-tank, which includes production, sentiment and interest-rate data, suggests that the probability of a recession has risen, from 7% in March to 32% in April. A measure of economic sentiment based on a survey of participants in financial markets by the Centre for European Economic Research (ZEW), another German institute, has fallen sharply.”

https://www.economist.com/news/finance-and-economics/21741193-best-zones-growth-spurt-may-already-have-passed-euro-areas-economy

Technical Analysis:

I don’t like the action of the market in here, and as I said last week, if the market could not rally on great earnings I would be a seller, and I sold out on Tuesday during the market’s big drop.  The market has recovered a bit since then, but when the market is free-falling like on Tuesday, I felt I had to stop the bleeding.

Technically, RSI (top of chart) is at 50, which is neutral, but in bearish periods 50 can be overbought.  MACD (bottom of chart) is going sideways, so its neutral.

Two things are true now.  We are in a trading range, shown by the “green line channel”, and there is a downward bias in effect shown by the purple line.  The first thing that has to happen is we need to break out above the purple line.  With us in corrective mode, and RSI at 50 (which is overbought), and the market unable to push higher on great earnings last week, I am not inspired to buy into the market right now.  If I found a special situation on an individual stock, I’d do a deal on that, but I am not going to just buy the market via SPY.

2018 04 28

With great earnings, why has the stock market not been able to push on up?  We’ve even seen valuation come down (a good thing), as the PE ratios have fallen.

  1. The great earnings are a gift from the government in tax cuts, but the underlying business is no better.
  2. As the Fed raises the Funds rate, bonds become a better competitor to stocks and the relatively high PE ratios are not justified in today’s market.
  3. Trump’s threats to China and other nations on tariffs are very upsetting to the market. For every industry that is helped by protection, there is an industry hurt by retaliatory tariffs overseas.
  4. Tariffs placed on imported goods in order to protect US industries will result in higher prices for consumers, and that inflation will eat up some of the tax cut we got from the government.

The bottom line, there are a lot of cross currents in the market that we have not had to deal with in recent years, and this is being reflected in higher volatility.  The huge stock market surge since Trump’s election has been based on the promise of implementing his ideas, cutting regulation and taxes, and getting better trade deals for the US.  If the run-up in stock prices from the election to the January peak was based on these promises, and the reality is lower than expected and priced in, then stock prices need to correct, and that is what is happening.

I plan to be cautious.  That means buying in slowly, and waiting for oversold periods to put money to work.  We also need to not wait for a full overbought level of 70 on the RSI indicator as a “sell sign”, as values in the 50-60 range will by overbought while in this corrective phase.

One final risk I’ll mention, and that is the possibility that we’ve entered a bear market.  I don’t believe it currently as I explained in the last “Long Term” update for April.  But one thing that is true about bear markets is that they begin when nobody expects them to, nor realizes at first that one has started.  That would describe most of a bull market run so it’s not that helpful.  On the other hand, if you see price action that you don’t understand, could something else be wrong with the market?  At nine years into this bull market, we may have forgotten that bear markets happen.

If you enjoy these updates, please tell your friends and family who are interested in the stock market about this blog.

Your comments and questions are always appreciated, so feel free to comment using the “Leave a Comment” feature just under the title of the post!

Rich Comeau, Rich Investing

Quandary

I update each Saturday with my view of the stock market for the next few weeks.  The monthly “Long Term” update will be on a Wednesday soon after the 15th of each month, and this supports investors who want to buy and hold, but want to sell to avoid the bulk of a crash, and buy back in for most of the next bull market.  You can always scroll down a few weeks and find the latest “Long Term” update.

If you lose your bookmark to the blog, google “Rich Investing and it should show up on the first page.

If you would like to be notified via email when I post a new blog entry, you can “Follow” my blog by clicking on the toolkit button at the bottom right hand corner of your screen when you are positioned at the top of the page and select “Follow”, then enter your email address. 

This month’s Long Term update was posted on Wed. and is just below this article, so scroll down to read it.

Economy:

Initial jobless claims came in at 232K, in line with expectations and low relative to history.  Retail sales for March posted a .5% gain.  March’s call for the LEI is a moderate 0.3 percent gain which would follow a long run of unusual strength.

There was not much economic data released this week, but also no cause for concern.

Geo-Political:

The IMF sees continued stable growth for the world economy, with the risk of trade wars being the biggest threat.

“April 17, 2018 – WASHINGTON – The International Monetary Fund (IMF) on Tuesday kept its growth forecasts for the world economy unchanged for this year and next year, but warned that a potential broad-based trade conflict threatens to derail global growth prematurely.

In its newly-released World Economic Outlook, the IMF said the global economy would grow 3.9 percent in 2018 and 2019, unchanged from its previous forecast in January.

The global recovery is supported by “strong momentum, favorable market sentiment, accommodative financial conditions, and the domestic and international repercussions of expansionary fiscal policy in the United States,” the IMF said.

Maurice Obstfeld, economic counsellor and director of research at the IMF, said that the world economy continues to show broad-based momentum, but the prospect of a similarly broad-based conflict over trade presents a jarring picture.

“The prospect of trade restrictions and counter-restrictions threatens to undermine confidence and derail global growth prematurely,” Obstfeld said at a press conference Tuesday.”

http://www.chinadaily.com.cn/a/201804/17/WS5ad5fbf6a3105cdcf6518db9.html

This is a major uncertainty, and the stock market hates uncertainty.

Technical Analysis:

Gains early last week were wiped out by loses on Thur. and Friday and we ended roughly unchanged on the week.

I’ve added 1 new line, the purple downsloping line from the high last Jan.  I added 2 new horizontal “channels” up at the top in the RSI section, a pair of black lines and a pair of red lines.

Let’s talk about the 2 RSI channels.  In bullish times, the RSI tends to live between 50 (neutral) and 70 (overbought).  The pair of horizontal black lines show that.  In a bull move, RSI 50 usually represents a good entry point while RSI at 70 or better is getting close to a “sell”, but in a bull market the RSI can stay overbought for a long time, sometime for months.

In bearish times, and by that I mean an outright bear market, or a significant correction in an on-going bull market, the RSI will tend to spend more time between 30 (oversold) and 50 (neutral), and you can see that by the pair of horizontal red lives in the RSI section, over on the top right of the chart (RSI is written on the upper left of the chart).  In corrective periods, the 50 level of neutral can represent an overbought level and be a good area to sell.  Good buying opportunity if usually found when RSI is down at 30 and strongly oversold, but a bear market acts the opposite of a bull market, and in this case, in a bear market stocks can remain oversold for a long time, sometime for months.

When you look at the RSI on the chart, you can see we are dealing with a fundamentally different type of stock market than what we have had for the previous few years.

I think this is a correction in a bull market.  Why?  GDP looks good, moving up from 2% closer to 3%.  That is NOT bear market activity.  The Fed Funds rate is 1.6% and the 10 year Treasury bond yields 2.9%, so interest rates are NOT hostile to the economy.  There is no major shooting war, and hopefully the US and China are smart enough to avoid a major trade war.

Are there major risks out there?  Yes.  The total US debt has exploded since 2001 from 5 to 20 trillion dollars, and while the annual deficit came down under Obama after the “crash” level debt, the Trump tax cut and Omnibus spending bill passed in March are going to significantly ramp up the federal deficit going forward.  That can devalue the dollar and raise inflation.  With wage growth stagnant, inflation can really put clamps on US consumers.  We read about many companies giving money from the tax cuts to their workers, but most of those are one-time “bonuses”, not permanent raises.  A trade war with China is another major risk, but I doubt we are that stupid (but I’ve been surprised before).  There is the risk that the moderately overvalued market, based on the PE ratio, begins to revert to the mean.

My belief remains that we are in a bull market, in a correction.

The new line I added is a down-sloping purple line that starts at the late Jan. market peak.  Two possibilities exist, 1) we have corrected 10% and entered a trading range as the market consolidates following its great gains in 2017 and early 2018 (the pair of green lines on the chart), or 2) this is a more significant correction and we still have further to fall, represented by the new purple line on the chart.

Right now, it is not possible to tell which of those is true.  We will have to wait a little longer for the answer.  This week, it is suspicious that we tip toed up to the purple line and headed back down for 2 days.  If we can’t break decisively above the line at 2725 soon, we could be in for more downside action.

Next week is critical, 40% of the S&P 500 report earnings, including several of the largest cap tech stocks, like Facebook and Alphabet (Google) plus Microsoft.  Let’s watch for how good the earnings are, and how the market reacts to those earnings.  Some of the market turmoil Thur. and Friday was over a poor outlook from Taiwan Semiconductor, who is a major supplier to Apple.  That could be bad news for Apple where there is suspicion that the iPhone X at $1,000 is not selling well, and that would be bad for other Apple suppliers.

I am still fully invested and waiting for those earnings.  But, if the market falls on excellent earnings, something else is wrong and I will be selling.  I did most of my buying in late March at that low period so I still am ahead, just not as far ahead as I was.

Today’s post is longer than most, I’m sorry about that, but I felt I needed to do some explaining, and there are more and more serious cross currents impacting the market now than usual.  I hope you feel the extra reading is worth it this week.  Send me an email with your feedback about the length of the post and the value for the extra length, at sharplet@gmail.com .

2018 04 21

If you enjoy these updates, please tell your friends and family who are interested in the stock market about this blog.

Your comments and questions are always appreciated, so feel free to comment using the “Leave a Comment” feature just under the title of the post!

Rich Comeau, Rich Investing

Long Term – April 2018

Once a month, on the Wednesday following the 15th of the month, I will put up a long term view of the market.  This is provided for investors who don’t want to trade secondary swings in the market, but would like to exit the stock market relatively soon after a bear market begins, or enter the market after a new bull market begins (change in the primary trend).  In the blog, they will always have a title called “Long Term (month) (year)”, so you can use your browser “Find” function and easily find them.

Economics:

GDP – The BEA third estimate of GDP for Q4 came in at 2.9%, revised up a bit from prior estimates.  The improvement from the first estimate of 2.5% back in January is quite nice.

Annual GDP growth has been stable for a few years at a 2% annual rate.  This GDP number supports the assertion that the bull market continues. 

Year Quarter GDP %
2017 Year 2.6
2017 Q4 2.9
2017 Q3 3.2
2017 Q2 3.1
2017 Q1 1.2
2016 Year 2.0
2016 Q4 2.1
2016 Q3 3.5
2016 Q2 1.4
2016 Q1 .8

 

Fed interest rates – The Fed raised the Fed Funds Rate .25% to the range of 1.5-1.75% on March 21, as expected.  Longer dated maturities remained largely unchanged.  The expectation for 2018 was for three Fed hikes of the funds rate, so we are basically on schedule.  The Fed sounded a slightly more hawkish tone and the door could have been opened to a fourth rate hike this year if the data comes in hot enough.

Short term interest rates are in an uptrend, and longer dated bonds have moved up for now, but nominal longer term rates still remain historically low.  Rates still support the long term bull market.

 

Date Fed Funds Rate 5 Year Treasury 10 Year Treasury 30 Year Treasury
Apr 18, 2018 1.6 2.7 2.8 3.0
Mar 21, 2018 1.6 2.7 2.9 3.1
Feb 21, 2018 1.4 2.7 2.9 3.2
Jan 17, 2018 1.4 2.4 2.5 2.8
Dec 19, 2017 1.4 2.2 2.5 2.8
Nov 15, 2017 1.1 2.1 2.4 2.8
Oct 18, 2017 1.1 2.0 2.4 2.9
Sep 20, 2017 1.1 1.8 2.2 2.8
Aug 16, 2017 1.1 1.8 2.3 2.9
July 18, 2017 1.1 1.8 2.3 2.9
June 20, 2017 1.1 1.8 2.2 2.8
May 17, 2017 .9 1.8 2.3 2.9
Apr 18, 2017 .9 1.7 2.2 2.8
Mar 15, 2017 .9 2.1 2.6 3.2
Feb 15, 2017 .6 2.0 2.5 3.1
Jan 18, 2017 .6 1.9 2.4 3.0
Dec 21, 2016 .6 2.0 2.6 3.1
Nov 15, 2016 .4 1.6 2.2 3.0

 

Valuation:

PE on S&P 500 – The current 12 month trailing GAAP PE on the S&P 500 is 24.3, down from 25.0 last month.  I used 4 quarters of earnings with the most recent being Q4 2017.

I hope that when we get a reading on Q1, that with improved earnings that will come from the tax cut, the PE ratio on the S&P could come down.

This remains moderately overvalued relative to my trimmed 30 year average of 19.

In a bull market, stocks can remain overvalued for years, so this is not a sell indicator, but it is a cautionary sign.

S&P earnings – The earnings estimate for Q1 from Factset is for a 17% increase in corporate profits over the prior year.  The corporate tax cut is projected to keep earnings increases near that level for all of 2018.  This is very positive for 2018, as corporate profits primarily power the stock market.

This indicator is supportive of the bull market.

Age of primary move, bull or bear market – The bull market is 9 years old, which is a long bull market by historical standards.  In and of itself, this is meaningless.  It does provide some perspective that one should keep in mind.

Geo-Political:

The global economy is relatively quiet at the moment and most regions show slow steady growth.  The N Korea situation looks like it will remain a potential flashpoint, but with the possibility of face to face talks, this could resolve.  The US has responded to Syria’s use of chemical weapons, but I don’t expect an attack on US ground troops in Syria (Apr. 2018).  Tension between Saudi Arabia (Sunni center) and Iran (Shiite center) has reached a level that bears watching, centered in the Yemen conflict (noted Dec. 2017).

In the US, we are approaching the point in the investigation into Russian meddling in the 2016 US presidential election where we will find out whether charges will be filed against the president’s closest advisors and possibly include the president.  At that point a constitutional crisis could emerge.  A constitutional crisis is not a given, but if it occurs, I would expect the stock market to retreat for a while. (noted January 2018)

Global geo-politics is supportive of the bull market, currently.

Technical:

The market is enjoying a nice rally that began with the report of strong earnings growth starting around 4/10.

RSI at the top of the chart remains overbought at 70, but down from its recent peak up near 90, which has taken some pressure off of the market.  MACD at the bottom of the chart is going sideways, but the faster moving black line looks like it could turn down, and the last 3 histograms are shrinking.  The price point is in the middle of the range giving it room to move up or down.

2018 04 18 Long Term

For 2018, the best news is the strong forecast of earnings from Factset.

In general the chart looks good for the long term, except for the concern about over-bought status.

The market’s price action supports the thesis that the long term bull market remains in force. 

Conclusion:

The stock market remains in a long term bull market technically, and there is nothing in the general economy, in Fed policy, or in the global geo-political realm to overturn that conclusion.

 

Long Term Issues to Keep in Mind:

Federal Deficit:  (Negative – Noted Jan. 2018)  It will go up despite the republicans saying that if the tax cut bill is “dynamically scored” using “possible” increases in economic activity, it will hold down the deficit by increasing tax receipts.  This has not been shown to work in the past.  With the Fed no longer buying the US government debt that is currently running at $650 billion per year, and will likely expand to $750 billion per year, who is going to buy that debt, and what interest rate will they demand before committing their capital to that investment?  If that causes interest rates to rise unexpectedly fast and high, that would pose a significant risk to the US economy.

The total national debt exceeds $20 Trillion, and as interest rates rise, the component of the annual budget allocated to “interest on the debt” will increase, putting pressure on existing programs, or increasing the deficit.  If the deficit is allowed to rise in good economic times, the value of the dollar will fall and that is inflationary which is usually bad.

Rich Comeau, Rich Investing

Initial Earnings Are Good

I update each Saturday with my view of the stock market for the next few weeks.  The monthly “Long Term” update will be on a Wednesday soon after the 15th of each month, and this supports investors who want to buy and hold, but want to sell to avoid the bulk of a crash, and buy back in for most of the next bull market.  You can always scroll down a few weeks and find the latest “Long Term” update.

If you lose your bookmark to the blog, google “Rich Investing and it should show up on the first page.  

If you would like to be notified via email when I post a new blog entry, you can “Follow” my blog by clicking on the toolkit button at the bottom right hand corner of your screen when you are positioned at the top of the page and select “Follow”, then enter your email address.  

Economy:

A drop in gas prices pulled down the consumer price index (CPI)  in March which came in at Econoday’s low estimate for a 0.1 percent decline. But the core rate, which excludes energy, did hit expectations at a modest 0.2 percent monthly gain with the year-on-year rate rising 3 tenths to 2.1 percent which also hits expectations.  Initial jobless claims decreased 9,000 in the April 7 week to 233,000 but are still trending slightly higher in what may be, at least possibly, a negative signal for the labor market.  Consumer sentiment came in below the low estimate, at 97.8 for the preliminary April index.

This data is ok, but bears watching.  The inflation number is ok, just reaching the Fed target rate of 2% annually.  Jobless claims rising slightly and consumer sentiment falling slightly are not good, but so mild at this point that we just need to watch and see if it is a one month blip, or a trend.

Geo-Political:

There are tensions in Syria as the US contemplates a response to Assad’s use of chemical weapons again.  There are certainly tensions with China over trade policy. Trump may meet with N. Korea next month and that could cause some excitement.  There are tensions domestically over the FBI’s search of Trump’s lawyer’s office, and whether he may fire Rod Rosenstein. Any negative enents in those areas could negatively impact the market.

Technical Analysis:

It has been a good week (as of Friday morning when this is written).  We remain in the trading range we’ve been in for the last couple of months, but we’re in an upswing, a bounce off the bottom of the range.  This is what I’ve been expecting, and what I’ve written for a few weeks. This morning, JP Morgan, Citigroup, and Wells Fargo all reported good earnings, beating on revenue and earnings.  This is the first proof point that earnings we expected to be good, will in fact be good. That augurs well for the market.

I moved to fully invested over the last month and am enjoying the rally.  My XOM 70 Put’s expire today and I will earn all of the premium I collected by selling the Put’s.  It’s not going to change my lifestyle, but its nice walking around money, and the time component added to the trade adds complexity and challenge that I enjoy, but on a much smaller scale than actual stock trades.  The leverage you can gain on the upside can kill you if the trade moves against you. It is very real out there!

Technically the market is in good shape as we move through earnings season, unless geo-political events intervene.  RSI (top of chart) is at 50, which is neutral, and MACD has turned up and the histograms are above zero and growing.  That’s a positive set up, and the last monthly report concluded we remain in the bull market. This is all suggestive of further gains ahead, until we move nearer the top of the trading range up around 2800 on the S&P.

2018 04 13

Eventually we need to break out of the trading range, either to the upside or the downside.  That breakout (needs to be decisive) should set the direction for the intermediate term.

I’m holding for now, hoping to see good earnings keep rolling in.

If you enjoy these updates, please tell your friends and family who are interested in the stock market about this blog.

Your comments and questions are always appreciated, so feel free to comment using the “Leave a Comment” feature just under the title of the post!  

Rich Comeau, Rich Investing

Going Nowhere

I update each Saturday with my view of the stock market for the next few weeks.  The monthly “Long Term” update will be on a Wednesday soon after the 15th of each month, and this supports investors who want to buy and hold, but want to sell to avoid the bulk of a crash, and buy back in for most of the next bull market.  You can always scroll down a few weeks and find the latest “Long Term” update.

If you lose your bookmark to the blog, google “Rich Investing and it should show up on the first page.  The more you google it and hit the link, the higher it will rise in your results page.

If you would like to be notified via email when I post a new blog entry, you can “Follow” my blog by clicking on the toolkit button at the bottom right hand corner of your screen when you are positioned at the top of the page and select “Follow”, then enter your email address. 

Next week I will attend my 48 year high school reunion, so I’m not sure when I will get a report up.  I will try to do it on Friday, but it could be as late as Monday.

Economy:

Motor vehicle sales proved strong in March, coming in at a 17.5 million annualized rate which easily tops Econoday’s high estimate.  Factory orders rose 1.2 percent but benefited from a jump in aircraft which, in January, skewed orders sharply lower. Excluding aircraft as well as other transportation equipment, orders managed only a 0.1 percent increase vs January’s 0.4 percent rise.  Unusual strength eased a bit in March for ISM’s non-manufacturing sample as the index came in near expectations at 58.8 vs 59.5 in the prior month.  After holding steady near record lows since the middle of January, initial jobless claims popped 24,000 higher to 242,000 and well beyond Econoday’s high estimate.  In mixed results, March payroll growth of 103,000 is well below expectations but wage indications from average hourly earnings do show a little pressure as was expected, up 0.3 percent on the month with the year-on-year rate up 1 tenth to 2.7 percent.

Compared to his theme of moderation in last month’s FOMC press conference, new Fed Chairman Jerome Powell sounds a little hawkish in today’s comments before the Economic Club of Chicago. In prepared text, the FOMC chair notes that inflation readings have firmed over the last few months and he warns they may move up “notably” this spring. Though he is stressing that economic risks remain balanced, he says growth is picking up and the labor market is in the neighborhood of full employment.

The economy looks good overall.  The low March job creation is balanced by a very high Feb. report and when you average the two it is right in line with recent history.  The slightly hawkish comments by Jerome Powell unsettled the market on Friday.

Geo-Political:

The big news of the week was the comment Thur. afternoon by Trump that he would ask our trade representative to “consider” additional tariffs on China.  China indicated they would respond in kind, and this spooked the markets on Friday.

“President Donald Trump on Thursday said he has instructed the United States Trade Representative to consider $100 billion in additional tariffs against China.”

https://www.cnbc.com/2018/04/05/trump-asks-us-trade-representative-to-consider-100-billion-in-additional-tariffs-on-chinese-products.html

Larry Kudlow, the president’s new economic advisor, said nothing has actually happened and the US hopes to work this out in trade negotiations.

The market drop was painful on Friday, but this is what happens when there is no earnings news and the market trades on political news instead of what should drive the market, earnings.  The good news is that earnings reports begin next week.

Technical Analysis:

It was an up and down week and we closed a little lower.  The good news is that 2575 on the S&P held, and we remain in the trading range we have been in for a bit over 2 months.  Earnings reports will start coming in next week, and they are expected to be very good, as this is the first reporting season with the corporate tax cuts in effect.  If earnings are not as good as expected, or the market fails to rally on excellent earnings, that would be very bad and we would have to consider what the problem is.

I’ve been using the volatility to buy into the market for a couple of weeks, expecting good earnings to boost the market.  We’ll see.  Friday I picked up some BRKB.

Technically, RSI has been weak for a couple of months, seldom rising above the neutral level of 50.  It would make some sense that the market needed time to digest the gains of Dec. and Jan., the tax cut euphoria period.  The market can’t move up at that rate for long.  A period of consolidation is to be expected.

2018 04 07

Right now, its Fed rate hikes and China trade war, vs. corporate tax cuts and hopefully excellent earnings.

If I’m right, earnings will win out, for a while, hopefully into early or mid-May.  When the earnings slow, the market could be vulnerable to these concerns again.

If you enjoy these updates, please tell your friends and family who are interested in the stock market about this blog.

Your comments and questions are always appreciated, so feel free to comment using the “Leave a Comment” feature just under the title of the post!

Rich Comeau, Rich Investing