Your Monday Blip 2/1/21

Your Monday Blip 2/1/21

With 37% of S&P 500 companies having reported earnings the results are good with 82% reporting better than expected profits. The Dow closed 229 points higher today at 30,211. Trading volume was lower. For January the Dow lost 2% or 623 points. IBD now has markets listed as “rally under pressure” which is a signal to proceed with care.
Goldman Sachs put out research saying we could be on the cusp of a long term rise in commodity prices similar to the 1970’s when we had stagflation, high energy prices and saw gold increase 25 fold. Commodities have underperformed for the past few decades and besides the trend that Goldman speaks of it looks like some commodities could become targets of the Reddit crowd which might add fuel to the fire. Silver was up 9% today as Reddit users target hedge funds who are short silver.
Seattle real-estate continues to boom. Windermere economist Matt “The Rat” Gardener noted that single family home sales in Seattle and the country for that matter are benefiting from low interest rates and tight inventory. Homes in Seattle typically get multiple offers above asking price and rarely stay on the market for more than 30 days and Matt said home which sell quickly never even show up in the reported housing data so in many ways the reported data is not telling the whole story.
The Troop 100 Court of Honor was held in the rainy parking lot of Ray’s Boathouse and while it went well it was interesting. It was the first COH in 15 months and there were a lot of merit badges and range advancement given out. There was not much in the way of social interaction however so things went rapidly and cleanup was a breeze since everyone just drove away. I guess you could say it’s a start and it was definitely needed but it sure is a far cry from typical courts where there is food, laughter and general mayhem.