Stocks took a breather falling 183 points to close at 28,462. Trading volume was lower and markets are still in rally mode.
Tesla stock fell from an all-time high after the good folks at Cowen and Co. downgraded the stock because they feel the company will miss 2019 production targets. Tesla is scheduled to report yearend earnings on January 29th so I guess we will find out then who is right and who is wrong.
Several gurus are coming out with 2020 stock market predictions and the most notable one for us is Brian “Mr. Sunshine” Wesbury who is a graduate from the University of Montana in Missoula, chief economist at First Trust in Chicago and honorary member of the Westport Mafia. Brian is projecting the Dow will finish 2020 at 32,500 based on his model of interest rates and corporate earnings. In 2019 Brian predicted the S&P 500 would hit 3,200 this year and he was spot on, so he is worth paying attention to. Other gurus however disagree, and we will bring you their predictions in the days ahead.
Over the weekend we had our Troop 100 alumni gathering. A few years ago, this one kid from the troop started these and each year it gets bigger as more people hear about it. This year it was well attended with dads, mom’s and a bunch of scouts, mostly Eagle Scouts, who are now in their 20’s and early thirties. This group of young men are a sight to behold. They all have jobs, are starting families and are bursting with optimism. One scout is working on trade policy in DC. Another oversees outfitting ships with research gear for marine biology and climate work. Another is becoming a licensed electrician while several others are in school getting degrees in computing or engineering. One lunkhead likes cars so he is in training to be a Tesla technician. It was fun to talk to them.