The market yesterday, as I predicted, was indeed quiet and moved between gains and losses over the course of the session. The biggest news today was that of a traffic jam scandal in the State of New Jersey. Even here in Nevada the incident was making the headlines. Today New Jersey Gov. Chris Christie will hold a press conference. That press conference will take center stage in what is likely to be another boring market session.
Despite a strong housing market, and my wife and I spending a ton of money at Bed, Bath and Beyond (BBBY), in the past two weeks, the home furnishings company was the first major negative earnings report and guidance cut of earnings season. Expect that stock to be flushed to beyond today.
Unfortunately I was unable to get entry into the Consumer Electronics Show here in Las Vegas. I will have to plan better next year as this year I was too focused on getting our home together here. However, I did get to spend some time over drinks with Troy Wolverton of the San Jose Mercury News. We have known each other for many years and had a chance to catch up personally and on technology matters. Troy will quote me from time to time in his articles.
From what I understand, speaking to attendees and listening to the local press, the Consumer Electronics Show has featured many wearable technology products which will likely hit the market in the next year or two,
Tomorrow is the monthly labor report for December. Ahead of that report, the market should be quiet again today as all eyes and ears are on Chris Christie.
Disclosure: At the time of this commentary Scott Rothbort, his family and/or clients of LakeView Asset Management, LLC had no positions in stocks mentioned — although positions can change at any time.
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