Minor Correction

I update each Saturday with my view of the stock market for the next few weeks (if occupied with family or travel, rarely I am a day or two late, just check back).  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 primary bear market, 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 or so.  The more often you google it and hit the link, the higher it will show in your results.

Economy:

New home sales in the U.S. increased 7.1% on a monthly basis in August to a seasonally-adjusted annual rate of 713,000, a powerful surge spurred by the recent drop in interest rates.  The monthly average of new jobless claims slipped by 750 to 212,000 nationwide.  The second estimate of Q2 GDP was unchanged at 2%, showing growth has slowed from 2018.  Orders for durable goods increased 0.2% last month.  The final consumer sentiment survey rose to 93.2 in September, the University of Michigan said Friday, a small bounce back from an 89.8 reading in August that was the lowest in three years.

Other than the jump on home sales which is spurred by the drop in interest rates, the rest of the economy has slipped back to the 2% growth economy that we saw in Obama’s second term.  That is an OK place to be.  It does cast doubt on the republican narrative that the 2018 tax cut would spur the economy to greater growth on a long term basis.  I don’t believe that tax cuts are a long term stimulus, because I have not seen that work.  Bush cut taxes in 2001 and 2003, and they did not transform the economy to a long term higher growth.  Reagan was famous for his tax cuts spurring the economy in the 1980’s, but many other things were happening in the economy, like oil prices coming down from $35 a barrel to $10 by the end of the decade, and the introduction of personal computers to corporate America in 1981, which greatly boosted productivity.

Geo-Political:

The big event of the week was the revelation that President Trump asked Ukraine to investigate whether former vice president Biden and his son Hunter were involved in corruption in Ukraine.  The House started a formal Impeachment Inquiry into Trump’s action and that will drag on for a few months.  This weakens Trump, and in a news driven stock market, it will not help.

The Chinese see this and think Trump needs a win at something and a China trade deal would be a great win, if it is a strong deal for the US.  China will not offer a good deal in October, simply because they know Trump needs a deal badly.  Trump may not want a deal too quickly as voters could forget about it going into the 2020 election, so he may want the deal done in Jan. / Feb. so it will be fresh in voter’s minds going into the election.  So, I don’t expect a deal to get done for a while, and I expect that Trump’s weakness at home will limit how good a deal the US can get from China.  We’ll see.

Technical Analysis:

The stock market lost 1% on the week.

Technically the chart is suspicious and mildly negative.  After a nice four week rally from the August lows the market looks weak.  RSI at the top of the chart is back to neutral at 50 and trending slightly down.  Momentum shown by MACD at the bottom of the chart has rolled over and is heading down, a short term negative.  Price action of the market is negative in the short term and heading down.  I added two horizontal aqua lines at a potential double top level of 3020, but it remains to be seen if the market can rise above that top and go on and set a new record high.  While the market does not break out over the potential double top, it remains vulnerable to more corrective action.

2019 09 29

Click THIS LINK to open the chart in a separate window.

What am I doing?  Not much, as my major move was done about 3 weeks ago as I sold into strength.  I don’t expect the China trade talks in a few weeks to produce a good deal and that could bring market weakness.  Factset is projecting Q3 earnings to be 3% below last year’s level and that is not good.  Q3 earnings will start in earnest in two weeks.  I’m waiting for a better entry point.

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, or send me an email, my address is on the “About” page at the top of the blog.

You can use the hyperlink below the chart of the S&P that will open a larger picture of the chart in a separate window.  The reader who suggested this wants to look at the chart side-by-side with the blog text so he can look at the chart while reading the text.  To do this in Firefox you can open a “private window” from the browser menu and have two instances of Firefox up, then size each window to about half of your monitor size.  If you bookmark the link to the chart you can look at it each day of the week to see how the market is progressing to certain milestones.  The picture in this post is a static .jpg so it does not update, but if you bookmark the link to the live chart on stockcharts and look at that daily, it does update.

Rich Comeau, Rich Investing

Sideways

I update each Saturday with my view of the stock market for the next few weeks (if occupied with family or travel, rarely I am a day or two late, just check back).  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 primary bear market, 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 or so.  The more often you google it and hit the link, the higher it will show in your results.

The monthly Long Term update was posted on Wed. and to access it just keep scrolling down at the end of this update.

Economy:

The monthly average of new unemployment claims fell by 750 to 212,250.  Existing home sales rose to a 17-month high seasonally adjusted annual rate of 5.5 million in August for a second straight month of gains, the latest sign that lower mortgage rates are encouraging buyers off the sidelines.  The index of Leading Economic Indicators (LEI) was unchanged in August.

There was not much data this week, housing was strong, but the LEI was weak.

Geo-Political:

The Fed cut the Funds rate by ¼% to 1.9% as was expected.  The Fed’s dual mandate is maximum employment and stable prices, and we are basically there.  So, why cut interest rates now?  These are considered pre-emptive cuts due to slowing in manufacturing due to the trade war with China, and the global slowdown in economic activity.  With the Fed Funds rate down to 1.9% however, if we do go into a recession, there is not much room to reduce rates to help up out of the recession.  Historically the Funds rate would be near 5% and the Fed could cut by 3% – 4% and bring the Funds rate down to 1% – 2%.  That can’t happen this time, and that would slow the next recovery.

The hottest spot internationally is the Saudi / Iran conflict after Iran attacked a large Saudi oil processing facility.  This is pretty extreme action, but the administration has backed Iran into a corner with sanctions by backing out of the nuclear deal despite Iran being in compliance.  Iran took a big chance with the attack, but it shows how bad the sanctions are impacting them that they apparently felt they had nothing to lose, and they are showing the US and Saudi Arabia that if they make things too hard on Iran, they will suffer also (not so much the US, mostly Saudi Arabia).

The China trade deal is on hold until the next face to face meeting in Washington in early Oct.

Technical Analysis:

The market was flat this week, despite getting what they wanted when the Fed cut the Funds rate by ¼% on Wednesday.  That’s not good.

Technically, the recent rally looks like it is running out of gas.  RSI at the top of the chart is trending down slightly at 57.  Momentum shown by MACD at the bottom of the chart is going sideways, but the histograms are shrinking showing short term weakness.  The price action is sideways, despite some good news from the Fed.

2019 09 20

Click THIS LINK to open the chart in a separate window.

What am I doing?  I have been taking profits on this strength.  I’ve put some low ball buy orders in to try and buy back some stocks at lower prices.  I’ll be away from my PC most of next week, another reason to lighten up.  Next week’s report could also be a day late.

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, or send me an email, my address is on the “About” page at the top of the blog.

You can use the hyperlink below the chart of the S&P that will open a larger picture of the chart in a separate window.  The reader who suggested this wants to look at the chart side-by-side with the blog text so he can look at the chart while reading the text.  To do this in Firefox you can open a “private window” from the browser menu and have two instances of Firefox up, then size each window to about half of your monitor size.  If you bookmark the link to the chart you can look at it each day of the week to see how the market is progressing to certain milestones.  The picture in this post is a static .jpg so it does not update, but if you bookmark the link to the live chart on stockcharts and look at that daily, it does update.

Rich Comeau, Rich Investing

Long Term – September 2019

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 second estimate of Q2 GDP was +2.0%.  It is not apparent to me that the economy slowed that much.  The anomaly in all probability is that the Q1 reading of 3.1% was higher than it should have been, caused by an unusually low inflation rate that is deducted from the GDP estimate, resulting in a higher than normal reading.  I cited an article to this effect in the spring after the Q1 reading was released.

With the China trade war, we are seeing some slowing of economic growth in China, Asia, and Europe.  So far, it is not a serious problem.

I don’t like the Atlanta Fed GDPNow estimate of future GDP 3 months in advance of the first estimate since it has been unreliable.  The forecasts within a month of the first estimate have been pretty good, and right now, the Sept. 18 forecast for Q3 is +1.9%.  That is a good steady number, in line with growth over the decade since the financial crisis, but well short of Larry Kudlow’s prediction last year of +3% GDP growth “as far as the eye can see”.

Annual GDP growth had been stable for a few years at a 2% annual rate and moved up a bit to 2.6% in 2017 and 2.9% in 2018.  This GDP number supports the assertion that the bull market continues.  

Year Quarter GDP %
2019 Q2 2.0
2019 Q1 3.1
2018 Year 2.9
2018 Q4 2.2
2018 Q3 3.4
2018 Q2 4.2
2018 Q1 2.0
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 cut the Funds rate by ¼% on 9/18.  The stock market barely reacted, perhaps because the Fed language was not dovish in terms of any future rate cuts.

Bond yields have risen a little in the last month on waning fears of an imminent recession.  Mortgage rates are down vs. 2018 which helps housing, and the declines in interest rates across the board with help stimulate the economy a bit.  This is not an all-clear, as the economy still has to contend with tariffs.

Fed policy supports the assertion that the long term bull market continues.

Date Fed Funds Rate 5 Year Treasury 10 Year Treasury 30 Year Treasury
Sept 18, 2019 1.9 1.7 1.8 2.2
Aug 21, 2019 2.2 1.5 1.6 2.0
July 17, 2019 2.4 1.9 2.1 2.6
June 19, 2019 2.4 1.8 2.0 2.5
May 15, 2019 2.4 2.2 2.4 2.8
Apr 17, 2019 2.4 2.4 2.6 3.0
Mar 20, 2019 2.4 2.4 2.6 3.0
Feb 20, 2019 2.4 2.5 2.7 3.0
Jan 16, 2019 2.4 2.6 2.7 3.1
Dec 19, 2018 2.4 2.6 2.8 3.0
Nov 21, 2018 2.1 2.9 3.1 3.3
Oct 17, 2018 2.1 3.0 3.2 3.3
Sep 19, 2018 1.9 3.0 3.1 3.3
Aug 15, 2018 1.9 2.7 2.9 3.0
Jul 18, 2018 1.9 2.8 2.9 3.0
2018 Q2 1.7 2.8 2.9 3.1
2018 Q1 1.5 2.6 2.8 3.1
2017 Q4 1.2 2.1 2.4 2.8
2017 Q3 1.1 1.8 2.3 2.9
2017 Q2 .9 1.8 2.2 2.8
2017 Q1 .7 2.0 2.5 3.1

 

Valuation:

PE on S&P 500 – The current 12 month trailing GAAP PE on the S&P 500 is 22.3, up from 21.0 last month.  I used 4 quarters of earnings with the most recent being Q2 2019 (98% of companies have reported).  The PE has risen because we are using the same earnings, but the late August – Sept. rally has driven up the price and the valuation.

This metric is moderately elevated relative to my trimmed 30 year average of 19.

This indicator is supportive of the bull market since the valuation is not extreme.

S&P earnings – For Q2 2019 with 99% reporting, the blended earnings decline from Factset August 30 report for the S&P 500 was -.4% compared to last year.  This is the second quarter in a row where earnings have declined, admittedly minimal declines.  This is the first time we have had two consecutive quarters of earnings decline since 2016.

Factset on Sept. 6 projected the blended earnings decline for the S&P 500 for Q3 will be -3.6%, and that will not inspire the stock market.

This indicator is neutral to the bull market, but if estimated earnings for 2019 are continually marked down, volatility will continue.

Age of primary move, bull or bear market – The bull market is 10.5 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:

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).  The US has ratcheted up pressure on Iran, sending a carrier group to the region (May 2019).  Iran has begun attempts to disrupt oil shipments in the Persian Gulf and has begun to enrich uranium beyond the limits of the Nuclear Agreement that the US dropped out of, which is a destabilization to the region.

Robert Mueller has issued his report and no serious indictments came out after Roger Stone.  The report was made public on 4/18/2019.  This will be kept alive through the 2020 election in my opinion.  If the House decides to impeach, it will put a drag on the stock market.

Trade wars are in effect with China and the EU.  This is causing serious pain to some segments of the economy, notably anyone that uses steel to make their products, and for farmers trying to sell their products to China.  Growth is slowing in both Europe and China.  This is already a small negative for the economy and if these are not fixed soon this can degrade and threaten the global economy.

Anthony Scaramucci in the Republican Party has openly called on the party to discuss replacing Trump on the ticket for 2020 (August 2019).  Trump’s poll numbers are very low, and if the republicans believe that Trump has no chance to win the presidency in 2020, they will move to replace him.  This is very preliminary and it may not go anywhere, but it bears watching.

Boris Johnson, the new British prime minister, threatens to force England out of the EU on a “hard Brexit” if necessary.  This will be temporarily disruptive to the markets until they figure out exactly what the implications of a hard Brexit really are, if it does occur (Sept. 2019).

Global geo-politics have degraded from supporting of the bull market to neutral.

Technical:

Technically on the long term basis, this market looks like it is decidedly neutral.  RSI at the top of the chart is in high-neutral at 61 and in a flat pattern.  Momentum shown by MACD at the bottom of the screen is neutral, in a flat pattern with the histograms clustered near zero.  The price action has been volatile over 2018 and 2019, but going back to December 2017, the market is up 6% over the last 21 months, not very good.

2019 09 16 Long Term

The market’s technical indicators support 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.

With the ECB ending their QE bond buying by the end of 2018, and probably beginning to raise rates in 2019, this may divert some buyers of US treasury bonds to Euro bonds, and that would put upward pressure on US interest rates (noted June 2018).

The total national debt exceeds $22 Trillion (early 2019), 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 too much in good economic times, the value of the dollar will fall and that is inflationary which is usually bad.

Rich Comeau, Rich Investing

Movin’ on Up

I update each Saturday with my view of the stock market for the next few weeks (if occupied with family or travel, rarely I am a day or two late, just check back).  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 primary bear market, 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 or so.  The more often you google it and hit the link, the higher it will show in your results.

The monthly Long Term update will be posted Wed. 9/18.

Economy:

The monthly average of new jobless claims fell by 5,250 to 212,500, an almost two-month low.  The consumer price index rose 0.1% last month and has risen just 1.7% over the past 12 months, so inflation remains tame.   Retail sales rose 0.4% last month, but sales were flat excluding new cars and trucks.

There is no information to move the stock market needle.

Geo-Political:

There were some weakly positive statements this week about the US delaying a tariff on China for two weeks and China possibly buying some agricultural products, which could be designed to set up the face to face meeting in Washington in a couple of weeks.  We’ve seen these minor goodwill gestures amount to nothing, and that is what I think about this.  The Brexit situation changes by the hour, but Parliament acted to prevent Boris Johnson from crashing out of the EU on his own.  It seems that Iran and the US are talking about possibly talking about Iran’s nuclear aspirations.  The ECB cut their interest rate from -4% to -.5%, and discussed possibly restarting Quantitative Easing, none of which will have much effect on their economy, but you at least have to look like you are trying.  Soon Mario Draghi will step down as head of the ECB and turn it over to Christine LaGarde of France, who currently heads the International Monetary Fund.

It was a quiet week, and next week the Fed will announce whether they will cut the Funds rate another quarter of a percent (that is the expected result).

Technical Analysis:

The market was up about 1% last week.

Technically the market is in reasonably good shape.  We’ve clearly broken out above the August trading range and started living above significant resistance at 2950, and that is positive.  RSI at the top of the chart is in high neutral at 62 and it is rising.  Momentum shown by MACD at the bottom of the chart is rising, but the histograms are not rising showing the momentum is not strong.  The price action is positive, on a six week rise since early August, but given the volatility we’ve seen this year, it does beg the question about when the next correction will begin.

Coming up we have the Fed meeting next week, then in early Oct. the Chinese trade negotiators will be in Washington for talks, and the result of those talks could have a big impact on the market.  If they don’t go well the market will probably selloff, at least temporarily.  Then about Oct. 10, earning season will start in earnest and the big banks usually lead.  Factset has projected that earnings will be down 3% for Q3 compared to last year, not inspiring.

2019 09 13

Click THIS LINK to open the chart in a separate window.

What am I doing?  I will be largely unavailable the week of the 21st and as we approach the overbought status, I want to be selling into strength.  I started selling winners already.  I am early, but when the market has made new all-time highs in the last 18 months, it has not punched significantly higher.  And there are the risks out there that I mentioned above.  I don’t want to have much in the market when I am away from my PC.  The market can move higher, extending the rally, but it has been volatile and susceptible to downdrafts caused by a single tweet or headline.

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, or send me an email, my address is on the “About” page at the top of the blog.

You can use the hyperlink below the chart of the S&P that will open a larger picture of the chart in a separate window.  The reader who suggested this wants to look at the chart side-by-side with the blog text so he can look at the chart while reading the text.  To do this in Firefox you can open a “private window” from the browser menu and have two instances of Firefox up, then size each window to about half of your monitor size.  If you bookmark the link to the chart you can look at it each day of the week to see how the market is progressing to certain milestones.  The picture in this post is a static .jpg so it does not update, but if you bookmark the link to the live chart on stockcharts and look at that daily, it does update.

Rich Comeau, Rich Investing

Positive Tone

I update each Saturday with my view of the stock market for the next few weeks (if occupied with family or travel, rarely I am a day or two late, just check back).  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 primary bear market, 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 or so.  The more often you google it and hit the link, the higher it will show in your results.

Economy:

The ISM manufacturing index fell to 49.1% in August from 51.2% in July.  Any reading below 50% indicates a contraction in activity and this is the lowest reading since January 2016.  The ISM non-manufacturing survey climbed to 56.4% from a three-year low of 53.7% in July.  Motor vehicle sales for August were 17.1 million units, a good number.  The monthly average of new jobless claims rose by 1,500 to 216,250, still a generally low number.  Factory orders rose 1.4% in July, for the second straight monthly gain.  The economy added just 130,000 new jobs in August, marking the smallest increase in three months and offering more evidence that hiring has slowed amid a broadening trade dispute with China.

With the ISM manufacturing index showing contraction and the subdued employment report, this will give the Fed cover to cut the Fed Funds rate by .25% on 9/18.  We should get a little pop in the market for a day or two.

Geo-Political:

The US and China have agreed to the first face to face negotiations since July, to take place in early October in Washington.  The US walked out of the last meeting in July.  This has given the stock market a boost based on optimism, but the question remains, is that optimism in any way warranted?  I have not seen any indication warranting optimism, none.  That could set the market up for a tumble at the conclusion of the meeting if no progress is made.

Boris Johnson in England has tried to set conditions for England to crash out of the EU on 10/31, but members of his own party voted against him and appear to be pushing for more time.  There may even be a no confidence vote on Johnson.  They have a mess that in the short run could be a negative for our market.

The Hong Kong protests seem to be de-escalating, which will remove one potential flashpoint from the markets.

Technical Analysis:

The stock market was up 2% this week, on optimism over the announced trade talks with China in one month.

Technically the chart looks positive for the short term.  RSI at the top of the chart has risen to high neutral at 59.  Momentum shown by MACD at the bottom of the chart is rising, also a good sign in the short term.  The price action is positive, having been in a rising pattern for two weeks.  It is significant that the market has moved above resistance at 2950 and moved above the small trading range it has been in since Trump announced the new tariffs against China in early August.  It could be a false breakout and it needs to remain above 2950 to solidify the breakout.

For the next month I feel pretty good about the market.  Sept. 18 the Fed will probably announce a quarter point rate cut and the market will like that.  With trade talks scheduled in early Oct. with China, the market will like that for four weeks.  Earnings season will start around Oct. 10 and hope springs eternal so that will hold the market up.

However, once we get into Oct. and we are not dealing with optimism over coming events, we will be dealing with the real world, events could turn negative.  The US and China could, yet again, fail to make substantive progress on a trade deal and that would be a negative for the market (I think this is the most likely scenario as China appears willing to accept the pain of the trade war).  Earnings for Q3 are projected to be poor for the market in general, by the analysts at Factset in their Aug. 30 Earnings Insight report.  They expect earnings to fall by 3% year over year in Q3 and that is not going to inspire a market rally.  Global growth continues to slow with manufacturing in Germany in recession.  England will be a mess as they struggle with Brexit.

Factset projects earnings for Q4 to be +3% which would make the second half of 2019 flat for earnings.  Then they project that Q1 and Q2 of 2020, earnings are going to miraculously accelerate to +8% each quarter.  Why are they projecting that?  Will it come true?  Last year about this time they had similar projections about the first half of 2019, then all of a sudden as we got deeper into Q4, they downgraded the earnings forecast to negative earnings growth for the first half on 2019 and the market sold off hard into December.  These analysts have a huge influence on the markets, and their forecasts beyond two quarters out have been abysmally poor at times.  Will late 2019 be a rerun of late 2018?  Without a resolution to the trade war with China, it could be.  It will keep me cautious.

2019 09 07

Click THIS LINK to open the chart in a separate window.

What am I doing?  I had some nice short term profits in electric utilities, it appeared interest rates had bottomed and headed back up a bit, the utilities were overbought, so I sold them into strength and I will try to buy them back at a lower price.  I plan to sell into strength after the Fed gives an expected rate cut on the 18th.  I feel good about Sept., but not so good when realities hit in Oct.

I used to trade more with SPY and just buy the market.  Lately I have been doing more with individual stocks that pay a dividend and have growth potential, like Verizon.  Or stocks that are dominant companies like Amazon and Alphabet, but only on significant pullbacks.  Amazon and Alphabet come under pressure as the Justice Dept. threatens to investigate them for anti-trust violations.  Walmart put tons of small businesses out of business over the last 40 years with a nationwide reach, and now Amazon may be guilty of anti-trust?  I don’t get that.  Amazon has plenty of competition from Walmart, Target, and Costco.

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, or send me an email, my address is on the “About” page at the top of the blog.

You can use the hyperlink below the chart of the S&P that will open a larger picture of the chart in a separate window.  The reader who suggested this wants to look at the chart side-by-side with the blog text so he can look at the chart while reading the text.  To do this in Firefox you can open a “private window” from the browser menu and have two instances of Firefox up, then size each window to about half of your monitor size.  If you bookmark the link to the chart you can look at it each day of the week to see how the market is progressing to certain milestones.  The picture in this post is a static .jpg so it does not update, but if you bookmark the link to the live chart on stockcharts and look at that daily, it does update.

Rich Comeau, Rich Investing