Markets were subdued today thanks to light holiday activity. The Dow closed off 12 to 22,761 on trading volume that was lower than a snake’s belly in a wagon rut. Shares of GE were down 4% on rumors of a dividend cut. Earnings season starts this week and expectations are high.
Apple is busy moving into its new $5 billion digs in Cupertino, CA. The “Spaceship” as it is called, is finally done and will house 12,000 apple employees in one location. It took Apple over 3 years to build and it is being called the best office building in the world. History shows however that when a company builds an over the top HQ it often signals a top in stock price and while this may or may not be the case with Apple it bears watching. Apple is the biggest stock by market cap and dominates the S&P 500 index. Index funds have to own it but IBD data shows that top rated active tech fund managers have turned bearish on Apple and are now heavy net sellers. Apple reports earnings on November 2nd. Check out the spaceship here. While it is an amazing campus it does lack a chicken coop.
The scout trip this weekend was a bee hive of activity. We had over 35 scouts shooting arrows and rifles, cooking meals and repelling off a 150 foot rock face. Happy kids were everywhere. While the weather was great one poor lunkhead ignored his dad’s advice and made the bold decision to sleep in a hammock. He failed however to bring a rain fly and after a short intense rain shower the moon came out and temperatures dropped to freezing. Needless to say he emerged from the weekend at bit tattered but a whole lot wiser