Without an ounce of political correctness or hyperbole mixed with hubris, let me exult with you about things you already know about the stock market last week.
It rose, again, higher and higher and there is frankly no end in sight except for the absolutely incontestable fact that what goes up must at some point come down — and that one needs to buy low and to sell high.
The S&P 500 index and Dow industrials hit record highs during the week.
Apple (AAPL) unveiled its latest iPhones, though the X model’s release will be delayed for several weeks.
Travelers (TRV) and other insurer stocks rallied on Hurricane Irma causing less damage than feared.
Tesla (TSLA) broke out despite getting some blame for a fatal 2016 crash.
Oracle (ORCL) gave weak guidance while Bitcoin tumbled.
Stocks Hitting Record Highs The S&P 500 index, Dow industrials and NASDAQ composite all rose more than 1% as of Friday morning, with the S&P 500 and Dow hitting record highs during the week and NASDAQ coming within a point of doing so on Wednesday.
That’s despite Apple drifting lower.
At least this is how it was put in a Yahoo report Saturday morning.
The New York Stock Exchange closed at 22,268.34.
The NASDAQ closed at 6,448.47.
The S&P 500 closed at 2,500.23.
All three were up.
Crude oil, one of pet peeves in a world awash in it, rose to about $50 a barrel despite declining demand and increased production and reserves.
The flood in Houston and Hurricane Irma have been slight distractions in the world’s oil marketplace.
In fact, the tremendous rise in the cost for gasoline is inconsistent with supply and demand realities that are supposed to control the marketplace.
In this case, speculation alone was responsible for the upward fluctuations in price — which are not being sustained as the marketplace is returning to normal demand and normal speculation.
Bitcoin plunged in value.
Dr. Keith Ablow (America’s psychiatrist) wrote about Bitcoin being a good gamble in a rigged financial marketplace on Respvblica last week.
China is going to shut down Bitcoin trading, it announced.
The cryptocurrency is being banned by China and will shut down exchange trading of it.
Jamie Dimon, the CEO of JP Morgan, about the last person in the financial world to be giving lectures on business fraud, called bitcoin a fraud.
Bitcoin has plunged about 30% this month alone but remains extremely valuable.
The outrage over the Equifax hacking disaster has grown and two major players for the company have apparently retired.
Equifax shares are down 25% as well they should be.