Yesterday was the first day of school in Hudson, Ohio. Johnny, my youngest, enjoyed his first day of kindergarten. When he came home, I asked how it went and, without missing a beat, he said “Very well, I didn’t even have to go to the principal’s office.” Nicely done, Johnny, way to keep the expectations low. When my wife asked him what he learned about at Hudson’s public schools, he said they talked about “Jesus”. Yeah, right. I tend to doubt that one. Something tells me I should worry a bit more about my youngest.
Speaking of worry, market pessimists have been getting alot more press lately as stocks have moved sideways on little volume and have failed to break above recent resistance levels even on positive economic releases. (Durable goods orders soared nearly 5% in July and temp firms said demand in August increased “markedly”.) I will readily admit that the action in the markets has been pretty uninspiring and listless in the last week or two, but after going through the events of the past year, I’d hardly classify “flat lining” as a top ten worry.
As workers return to their offices and children head back to school, trading volumes should pick back up and conviction levels will likely increase as we get hints and commentary about what third quarter earnings might bring. When I’m tired, I usually go to sleep for awhile and then awaken refreshed. As the slumber called August winds down to a close, I’m sure September will awaken alive and refreshed.
