Labor Day

Well now we head into the Labor Day weekend.  Trading on Wall Street will be light.  Investors are quietly amazed that in the midst of the situation in Korea and the aftermaths of hurricane Harvey that the stock market has basically held its own.  Some of these factors may weigh in more heavily when the investment world gets back to work next week, or perhaps markets continue to ignore events and things continue as they have been.  The economy is doing pretty well right now and corporate earnings have been excellent.  Perhaps these things matter more than external events.  Only time will tell.

So far if we've been having a correction it has been by time and not price.  By that I mean stock prices have been largely locked in a trading range since early June.  Right now we seem to be testing the upper reaches of that range across a broad number of indices.  Stocks are overbought by our work but none of that seems to matter right now. 

Whatever issues await us in the coming months will have to wait now until after the holiday.  Nobody will care until next week.  We're going to say adios now for awhile as well.  There's a beach with my name on as well and a drive back to Chicago over the holiday.  The next two weeks are hectic ones for me.  I have some business travel coming up and a few client meetings as well.  We'll try to post next Wednesday and Thursday and keep to that same schedule the week after.  Then, hopefully, we'll be back to a more or less regular schedule.

Happy Labor Day everybody and enjoy the last rose of summer!

P.S.  Go Irish!