The New York Stock Exchange started off pretty subdued, although there was a bit of an upside display. I’m not sure if there’s going to be all that much news that will affect the day so I’m forecasting a chop, if anything. One thing that did catch my eye though in today’s Wall Street Journal was the blurb about debt-heavy companies borrowing more to service their existing debt. For most people that would be a red flag – and rightly so – but in my eyes, I just see it as the near maturing of what has really been a decade long bull run in the markets since our 2008 housing crisis low. Does that mean that the market will crash in the next few months? I doubt it. I do, however, think that we could be in for some more headwinds as Russell index companies start to report weaker and weaker per share gains.
Like I said, the market opened up with a little bit of an upside move but I think that’ll be mostly it for today. I was only able to make a handful of trades in the opening period and even then, those trades had more to do with playing defense than actually making money. In the end, I neither made nor lost anything in the cash open. I’m disappointed but at least I didn’t kill myself with commissions. My other trades were a little bit different though. I played the British Pound early in the morning and didn’t really make all that much in it. It was the same for Wheat. Both assets just didn’t move well enough for me to warrant trading it any further. It was an overall quiet day.
I can’t believe we are getting a heat wave right now in the East Coast. We could have used this weather in mid-August when I was more in the mindset of actually doing summer stuff. Now, with football season in full swing I’m thinking about clearing away space in my closet for fall clothes. I can’t recall a year where the temperatures were so wonky. Anyway, I guess I’ll try and enjoy this day by having lunch outside. My cousin is in town for the day and we’ve been trying to schedule a time to catch up. This would be a nice opportunity. As always, I am thankful to God that I have another day in this dumb business. Time to prep for tomorrow.