The Market Bull – February 8, 2019
The major averages shrugged off large early declines to finish with fractional gains. Since Monday the Standard and Poors 500 index is up 2 points or a fraction of a percent, while the NASDAQ has gained 32 points or .4%.
There is little economic data today. Seattle area real estate data continues to come in soft, sales were unchanged in January while year ago inventory has jumped 168%, albeit from a very low starting point. Still a big step in the wrong direction.
Barry Ritholtz over at The Big Picture Blog did an interesting study looking at public companies President Trump criticized, the swamp group, on Twitter since his election and those that he complimented, the Oligarch group.
As it turns out during 2017 and 2018 being on the Trumpeters best friend list isn’t anywhere near as good for your company’s share price with an average loss of 3%, compared to the Standard and Poors 500 Index’s gain of 14.8% over the same period. As being on El Presidentes shit list produced an average gain of 49.3%. Sometimes statistics produces the wackiest stuff, while I wouldn’t make this into an actionable investment strategy, it’s good for a few laughs on a Friday afternoon as the swamp wins again. Or perhaps the moral of the story here is don’t let Trump pick stocks.
Standard and Poors 500 Index closed at: 2,707.88 up 1.83
NASDAQ finished the day: 7,298.20 up 9.85
Gold ended trading at: $1,317.90 up $3.70