Timing is everything. A tornado touched down in Gaylord, Michigan today at around 3:55 PM going west to east along M32 and crossing I75. I crossed over M32 while driving north on I75 around 4:05 PM. I did not see the tornado although the clouds were very ominous. Just north of M32 on I75 there were two large pine trees down on the shoulder of the road and there was debris high up in the trees from the stores and buildings below on M32. It was clear to me that a tornado hit the area hard. At 4:55 my daughter Katy called me to find out where I was on my trip to Petoskey. At that time, I was less than 3 miles from our condo. She then told me about the tornado touching down in Gaylord. When I was in West branch at around 3:15, the temperature was 83 degrees. When I got off I75 at 4:10 the temperature was 56 degrees. A 27 degree drop in less than an hour. This explains why there was a tornado.
Just in case you haven’t been paying attention, things are not looking good in the financial world. The S&P is down from its high mark by nearly 20% and inflation is as high as it has been in 40 years. Add to this, the uncertainty of the pandemic, the supply chain issues, the invasion of Ukraine, and a whole host of other issues which leads to jittery investors. Jittery investors become sellers which causes the market to drop. We are in for a very rocky road ahead as explained by this article from the NY Times late today.
The S&P 500 recovered from a plunge on Friday, ending the day slightly higher but not before a dramatic swoon that had pushed the index into bear market territory for the first time since the start of the coronavirus pandemic. Though the Friday afternoon rebound means benchmark remains above the bear market threshold — commonly defined as 20 percent below its last record — there are plenty of other indications of how grim the outlook for stocks has become. The index ended the week with a loss of 3 percent, its seventh straight weekly decline. That’s its longest stretch of losses since 2001. At its lowest point on Friday the index was down 2.3 percent, well below the 3,837 level that serves as the current threshold for a bear market — a symbolically important marker of investor pessimism. But it rallied in the final hour of trading to end up 0.57 points — less than 0.02 percent — at 3901.36.
That pessimism has been prompted by fears about stubbornly high inflation and the Federal Reserve’s plans to increase interest rates in response, which could tip the economy into recession. The pandemic, Russia’s invasion of Ukraine and lockdowns in China have added to these concerns. Downbeat earnings reports from bellwether retailers like Walmart and Target this week have dragged markets lower, stoking fears that high inflation may be making consumers, who power the U.S. economy, more cautious. Since World War II, bear markets have almost always been closely accompanied by recessions, with a few exceptions……
Tiger Woods continues to amaze me. After shooting a 4-over 74 yesterday and sitting in 99th place at the PGA it seemed highly unlikely he would be able to make the cut and play on the weekend. Today, Tiger jumped up 47 spots with a 1-under 69 to make the cut and play on the weekend in another major. Considering it has been less than 18 months following his horrific auto accident, in which there was concern he may lose a leg or may not walk again, it has been an amazing recovery.
Pray for peace and tolerance. What are you doing to stop the violence? Get vaccinated and get your booster.
Quote of the Day: “Oh Canada. Glorious and once free. Gas is $8.77 per gallon. Case of shitty Budweiser is $78. 16.5% sales tax on everything. Small bag of ice $6.19 plus tax.” Dan Jeffery, after finally getting to his summer home in Canada after not being there since late 2019.
Orchid of the Day: Tiger Woods-see above story.
Onion of the Day: The idiots in Kent County who decided to shoot at each other in the parking lot at East Kentwood High School lot following a graduation ceremony. Two innocent bystanders were injured, one critically.
Question of the Day: How does one shoot a 63 in a major tournament while having two bogeys?
Video/Song of the Day: I love this AT&T commercial with Matthew Stafford. I saw it twice today, so I wanted to share it again.