Market Wrap Tuesday

Good Evening,
                       A wrap of today’s market offered in response to specific request, but for all to share.
Fernando Valenzuela
                       Little bit of a screwy day. Not completely out of left field, but a little screwy nonetheless. The day began with UK Prime Minister calling for a snap election. This makes sense from her point of view, as she is dealing for the moment, from a position of strength. This also will push out the need for her to defend herself in another general election until 2022. That should make the Brexit negotiation that much smoother…. should…. unless the situation in Scotland becomes even more complicated. We’ll know more on 8 June. What we knew today was the Pound screamed higher, kissing 1.29 vs. the US Dollar at one point. FYI, the Euro, and the Yen also took flight against the greenback.
Nothing to See Here
                     The there were some disappointing quarterly earnings results. UAL dragged the Transports out back, while GS, and JNJ put the whammy on the DJIA. Should I mention HOG? Jeekies. Oh, the broader indices did fight back, and there were some notable winners, even among Dow components. UNH, for one responded very well to earnings. Broadly speaking though, the Financials took it on the chin with Health Care, while the Staples and the bond proxies stayed in the green.
Macho Man
                     The bond proxies? You bet your tail. With uncertainty in the UK, a tug of war in France, a planet mired in chaos, the reduced expectations for a June rate hike thanks to some lousy macro, and did I already say a planet mired in chaos?…. Treasuries ran wild, just like the late “Macho Man” Randy Savage used to. You know gang, every time I try to lighten my bond portfolio.. I end up getting cold feet…and every time… I’m glad for it.
                      It may be noteworthy, kids.. that both Oil, and Gold stayed near where they began despite all of that dollar weakness, and Crude had to make a nice comeback to just get there.
P.S. For all of you numbers junkies out there, IBM just reported a beat on EPS, and a miss on revenue. The stock is down 3.3% in the immediate aftermath.
P.S.S. I suddenly feel like a Slim Jim.
Positions in stocks mentioned: none. I left them out on purpose, but 4 for the top 9 on the Dow there, Chilly Willy.

Through the Window

               It was a cold January morning in 1983. What I saw through the window stopped me in my tracks. Still does when I think of it. The most beautiful girl that I had ever seen, or ever would see. Being loud, laughing, wearing a white T-shirt with black polka dots, and black jeans. It was as if I had been hit by lightning. Thirty-four years later, the image is as clear as it was that morning. That mental image still makes me hold my breath for a second. I went inside. I tried to talk to her. It wasn’t easy. I dated many girls back then, but this time …… I already knew the stakes were high. I could not screw this up. It would still take me four more years just to ask her out on our first date. That day was the first time I ever saw my wife. Want proof of God’s existence ?? There it is right there. I won’t get religious on you here, but there was something at work far greater than I.
              This morning I woke up on the right side of the dirt once again. I have a pretty good winning streak going in that regard. Today is the 28th anniversary of the day I married that girl. A purpose for life? You bet. For richer or poorer? Done both….. a couple of times over. In sickness and in health? Been there and back….. in spades. Children? Two young men that any man would be proud to call sons. To love someone…. To care for someone over a lifetime. What an honor !! What a responsibility !! I won’t bore you with a long note. I merely want to encourage young married couples to hang in there, if at all possible. Don’t give up, even when the world around you is an ugly place. Always remember that the girl (guy) you fell for, is still there. Right in front of you. Always was. Always will be.