Friends
Up until this week, the bulls had a nice April going as the rally from late February into March had extended into the new quarter, but seemed to run out of gas as poor corporate earnings and weak economic data appeared to finally break their spirit. Of course, as we enter May the cries of “sell in May and go away” will begin to fill the airwaves. Simply put-it’s been a difficult earnings season.
For the day, the Dow Jones Industrial Average was down 56 points to close at 17,773. The S&P 500 was down 10 points to finish the day at 2065. Gold was up $27 to trade at $1,294 per ounce, while oil was mostly unchanged trading at $46.02 per barrel WTI.
We just set up a Facebook page for CHJ (does that spell the end for Facebook as we are anything but early adopters?). We’ll use it to keep you informed about what is going on at the company and any events that we are having or involved in. For those on Facebook, check it out by searching CHJ Wealth Management and give us a “like”. In the meantime, April is now behind us, as is the bulk of the earnings season. Yes, seasonally spring and summer have in the past been less rewarding to investors than the November through April period, but past occurrence certainly does predict future market movements. More importantly, the economy and corporate earnings need to improve for investors to experience sustainable investment gains. It would appear unlikely that we will see P/E expansion at this point. April is over, let’s see how May gets started next week.
Have a great weekend everyone. Stay dry if you can.
