Morning Note: “Good decision processes” are key…

There’s virtually nothing in the morning data worth getting excited about. Jobless claims were a bit better than expected, the trade balance was as well, auto sales were abysmal but there we’re talking lack of inventory, unit labor costs were up (productivity down) but there we’re talking increased working hours, factory orders were a hair better than expected and the final durable goods number shows a 1% month-on-month decline. One could make a stink over European producer prices popping by 2.3% month-on-month, but no, as I type our Eurozone ETF is right there with the S&P 500 this morning, up a smidge.

Asian equities leaned green overnight, with 10 of the 16 markets we track closing higher.

Europe’s up nearly across the board so far this morning, with all but two of the 19 bourses we follow trading up a bit as I type.

U.S. stocks are positive this morning as well: Dow up 98 points (0.28%), SP500 up 0.30%, SP500 Equal Weight up 0.56%, Nasdaq 100 up 0.05%, Nasdaq Comp up 0.17%, Russell 2000 up 0.58%.

The VIX sits at 16.02, down 0.56%.

Oil futures are up 2.42%, gold’s down 0.48%, silver’s down 1.48%, copper futures are up 0.22% and the ag complex is up 0.39%.

The 10-year treasury is down (yield up) and the dollar is down 0.03%.

Led by uranium miners, energy stocks, MP (rare earth miner), ALB (lithium miner) and solar stocks — but dragged by silver, Latin American equities, gold, AMD and gold miners — our core portfolio is up 0.37% to start the session.

One more quote from Dan Levy’s Maxims for Thinking Analytically that resonates with how we view the business of managing portfolios (if not life in general):

“…on average, good decisions are more likely to result in good outcomes than bad decisions. They cannot ensure good outcomes, but they increase the chances of good outcomes. If you consistently employ good decision processes, you will accumulate better outcomes over the course of many decisions. Over the course of years, this can make a huge difference in your quality of life.”

Have a great day!


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