Hi Bruce, Someday I'll tell you the story of taking gift bottles of Yukon Jack whiskey to my friends in Japan!
On Thursday morning, I drove my fifth grader to school at 8AM. The streets were clear and there was no snow to be seen. I left the house at 9AM on foot to walk the mile to my office in the executive suite high atop the Gantner Norman Insurance building overlooking DownTown Port Washington and Lake Michigan. As I walked, snow was already flying in from the Northeast. When we get "weather", it comes in the form of a nor-easter at this time of year. At 9:30 when I arrived at my office, there was already 1/2 inch showing on the ground. I talked to my friend in Brookfield, WI at the same time and he reported that there was already 2" of white stuff at his office. The storm started to our south. When I walked home after 5PM, I was walking in 6" to 8" of snow. When I got up on Friday, there was an additional 4" on top of what had arrived the day before.
Well, I have to say that the street crews did a marvelous job of keeping up, that my yard is spectacular in 1 foot of fresh snow, and that I really don't mind that the temperature overnight dropped an additional 20 degrees (now 10 deg F). Near the back of the yard, I can see deer tracks. They sometimes come right up under the bird feeders I have on the back of the house and eat what they can from the "spillings". Non of my three cats are happy with me. They hold me personally responsible for whatever the weather is doing. They knew they didn't want to go out the front door - it was too cold for them there. So, we had to go to the back of the house and try that door as well. They were convinced that one of the doors must lead to the nice weather we'd been having up until a couple of days ago!!
Actually, I'm hoping that all of you aren't feeling a bit like my cats! I've tried most of the market doors that I know about and I apologize that the weather isn't what you would like! Please don't hold AIM and me responsible! Remember, Climate is what we expect, Weather is what we get!!!
A deep frost fell over my portfolio yesterday like a cool breeze from the morgue. Only three stocks from my portfolio showed gains for the day. GENE, a small biotech research company, ACG, a long term bond fund and OMQP, a manufacturer of specialized lift trucks. Almost everything else is down. Recent gains were handed back in most cases with a couple of my issues descending to depths not yet seen in this market decline. Even the mutuals took a shellacking, which helps to dispell the Diversity theory of risk management! As I gather the remaining greenbacks close around me, it's helping to keep the chill away. This AM the skies are deep blue and completely clear. Cold, dry air is good for cool, clear thinking. One of my favorite cynicisms comes to mind as I look over Friday's carnage. You may quote me on this!
"News is never as bad as it seems, unless it turns out to be worse!"
- Tom Veale, October, 1987.
With that already known, the preliminary report on the Idiot Wave for this week is that at least the Best/Worst Index is still showing that Speculation is still dormant for now. As in previous reports, this is usually a good sign for the short term. Rallys almost always follow. I'll try to get the rest of the values today and maybe even get the report up early this week. I think we all could use its support a day or two early!!!! A quick check of my personal cash reserves shows that I still have quite a bit of buying power left. After Friday, some of it will be put to use.
Best regards, Tom |
