Yesterday was an awful day in the Market. There was a 650 point selloff, due largely in part to an announcement by Apple, CEO Tim Cook lowering its forward revenue guidance for the 4th quarter. That sent Apple stock tumbling over $10.00 per share and the rest of the Market with it, especially the tech stocks. I lost $52;000 and my portfolio ended at its lowest point in over a year.
But today was a new and very different day. Three major positive news items occurred. The monthly jobs report for December indicated that there were 312,000 new jobs filled and October and November were revised upward. Second, Federal Reserve Chairman Jerome Powell was on a panel with Janet Yellen, and Ben Bernacke at the Annual American Economic Association. There was a free ranging discussion in which Powell said that the aged is always looking at all the data and will change course quickly if needed. He also said that the economy is operating very well now and the Fed will be patient and it is not on autopilot.
Powell’s statements sent the Dow to over 850 points, but by the end of the day it settled with a remarkable 747 point gain. I gained $48,000, so over both days my net loss was $3,000 or $4,000.
Then the news came across the wire that China had lifted tariffs on 94 items. This sent the Dow futures for Monday up to 436 points. It looks like there will be an agreement to settle the Shutdown of government and next week trade talks with China will commence. If those two issues are resolved my portfolio may get back to positive. It is currently down $200,000 from its starting level of January 1, 2017. I am among those suffering real pain from the government shutdown and Trump’s trade policies, as are millions of others. The only difference is my pain is due to the rapid melt down of the stock market rather than job dislocation from tariffs or being furloughed by the government.
Thank god I can now see light at the end of the tunnel. Let’s hope the President does also. If so, there is hope we are finally in a sustained rally.
Food is secondary in such times. I made scrambled eggs with avocado, Gravad Lax, dill cream cheese, red onion and capers.
I then went to show the building to the Luna family, who want to do a Mexican food take out operation.
I worked in the afternoon until 4:00 and then watched Mad Money and Nightly Business Report.
At 4:15 I slathered a package of four Country style ribs with Kraft Masterpiece BBQ sauce, put them on a rack in a baking pan filled to a depth of 1/3 inch of water and covered them with aluminum foil and put them into the oven to bake at 350 degrees. At 5:30 when Suzette arrived I reduced the oven temperature to 300 degrees.
At 6:15 Suzette was hungry and so she heated up the PPI potato casserole in the microwave and I snapped the last of the string beans and she steamed them.
I opened a Negra Modelo for her and poured a water for me. We put the potato casserole beside the green beans in their steamer on the stove and the ribs on a stove burner and served ourselves buffet style.
The ribs were still a little tough but very delicious.
After the interview at 9:30 Suzette and I went to bed.