You might be thinking that the investment news so far this year is that the major indexes have fallen in the first three trading sessions. There is the theory that some belated or deferred selling took place on the first trading day of the year, which has some merit. There is also the fact that with the holidays occurring on two consecutive Wednesdays, the A-teamers (i.e. the people in charge of making investment decisions) extended their vacations until yesterday. Even yesterday, the market was rather flattish. I believe that the real news so far was twofold. First, is the record cold and heavy snow that has disrupted most of the northern and north eastern states. This has kept people at home and many stores and businesses at partial staff or closed. Jet Blue (BLUE) grounded its flights at all three New York metropolitan area airports for a day. The other bit of news is that there was no news to act upon. Earnings season for the most part will commence next week.
I am still out West, headquartering in Henderson, NV until I return next week to frigid New Jersey. I made a quick side trip to Beverley Hills for a few meetings and meals as well as spend time with old friends. I am planning, later this week, to attend the annual Consumer Electronics Show in Las Vegas, which is a technology wonderland. Should I manage to do so, I will detail my observations to everyone in my daily commentary.
After covering my shorts positions in gold before the year-end, gold rallied. I reinstated that short with a purchase of the inverse ETF, ProShares Ultra Short Gold (GLL).
As for today’s market, we appear to be headed for a positive opening. I believe that we will hold in positive territory by the close of trading today. As for the “as January goes so goes the year for the market” saying: 1) it does have some historical statistical support and 2) I expect the markets to gain ground at the end of the month. Hence, don’t worry about all of 2014 just yet. For those of you that did not get a chance to read yesterday’s commentary, I presented My Gut Feeling for 2014.
Disclosure: At the time of this commentary Scott Rothbort, his family and/or clients of LakeView AssetManagement, LLC was long GLL and JBLU — although positions can change at any time.
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