Your Tuesday Blip 12/14/20

Your Tuesday Blip 12/14/20

The Dow continues to hover at the 30k mark as news reports of economic stimulus, lockdowns and vaccines continues to hover in the background. At the close the Dow broke a 4 day losing streak with a 337 point gain to close at 30,199. Trading volume was down and investors seem to be content with markets near current levels. Both IBD and BTS indicators remain positive.
Rents in Seattle downtown were off 8.5% year over year according to a survey by RentCafe’, a nationwide apartment search website. The survey found that the number of renters moving out of Seattle increased 15% while the number of people moving into Seattle fell by 24%. The survey found that Bellevue, Kent and Renton were among the top choices for renters living outside of Seattle. The survey found that 18 of the 30 largest cities saw more renters move out than in.
Shippers in the US to include Amazon, FedEx, UPS and the US Post Office are maxed out. ShipMatrix, a company that analyses shipping data estimates that 3 billion packages will be delivered in the US during the Christmas season. Current capacity is at 79.1 million parcels per day up 22% from last year but demand right now is double that. Shippers have been telling some customers not to ask for additional trucks because there aren’t any. Amazon has hired 400,000 people in its delivery network and even after all that they are still busier than a one legged man in a fanny kicking contest. It is estimated that an Amazon driver can deliver 180 packages in a 10 hour shift.
Tomorrow our back office, Securities of America, will send out a letter to some of our clients detailing a compliance issue they had over 2 years ago and well before the merger with KMS. The subject matter in the letter is not applicable to us here at Greystone Financial or our clients but feel free to call us if you have questions about it. The issue delt with the sale of a certain type of volatility linked ETF or what we at Greystone call “a new wombatnian surprise fund”.