Stocks continue to show mixed strength as trade war sentiment is improving. Art “Colonel” Hogan, chief market strategist at B. Riley, summed up market sentiment by saying “The tone in the market around the headwind that is trade is improving." At the bell the Dow gained 95 points to close at 25,241 on heavy trading volume. Tech stocks meanwhile pulled back after hitting highs yesterday. Today’s action seems to be a closing of the gap between the Dow and the NASDAQ which has been on fire.
While Colonel Hogan sums up market sentiment, Howard “Sargent” Schultz has announced that he is stepping down as Chairman of the board and leaving “Starbucks 13”. After building the company from a small coffee bar based in Pike Place Market to a global empire, Schultz will now retire and many locals say he is contemplating a career in politics. While I am not sure that basketball fans in Seattle would vote for this guy, he did say, when asked about his political ambitions, “I know nothing”. If Mr. Schultz did go for it however his campaign slogan can be “free restrooms for all”.
While David Stockman is on CNBC telling everyone that stocks are about to blow like a volcano in Hawaii, Warren Buffet is singing a different tune. The Berkshire Hathaway Chairman said he expects the economy to perform strongly for years to come. "Right now, there's no question: It's feeling strong. I mean, if we're in the sixth inning, we have our sluggers coming to bat right now," I wonder if the “sluggers” he is referring to are Bezos, Cook, Musk and Nadella. Now that’s a potent lineup! See our Facebook page for a video of a recent commencement speech given by Elon Musk.