Market Minutes for the week of October 2nd:
“And it’s just a box of rain. Or a ribbon for your hair. Such a long, long time to be gone. And a short time to be there.” – The Grateful Dead (lyrics by Phil Lesh and Robert Hunter)
“I hope you’re haunted by the music of my soul when I’m gone.” – Gregg Allman
Here is what I am thinking: 1.) Only a true coward would fire automatic weapons from 32 floors up into a helpless and unsuspecting crowd at a country music festival. 2.) As the stories of acts of courage and heroism emerge, I take some solace in the fact, that for one demented and tortured soul, there were hundreds if not thousands of people who risked their lives to save others. 3.) Would stricter gun laws have prevented this. Maybe, but how do stronger background checks identify a sick mind? 4.) I don’t know what the answer is. 5.) Dan Rather on Facebook: “There are no words or prayers we can offer to lessen the lifetimes of grief that lie ahead for those affected. But we can pledge to all do our part to unite and do our best to find ways to diminish the chances of it happening again.” 6.) What an awful week, on the same day we began to witness the carnage from Las Vegas, we learned that Rock and Roll legend Tom Petty suffered a massive heart attack, spent less than 24 hours on life support, and died. He was 66 years old. His music and his bands “Tom Petty and the Heartbreakers,” “Mudcrutch” and “The Traveling Wilburys,” produced an authentic Rock and Roll sound that I just really enjoyed listening to. Now he is gone. 7.) Rest in peace in Rock and Roll heaven, Tom. 8.) The markets continue to make new highs as October comes into view. 9.) Optimism surrounding tax reform and better 3rd quarter earnings is attracting more capital to the markets. 10.) That is all good and a brighter light in a dark week.
Next week: Better news from Market Minutes. Earnings from: Citigroup, J.P. Morgan, Bank of America, Wells Fargo, Delta Air Lines and Domino’s Pizza. Economic reports: U.S. Producer Price Index. U.S. Consumer Price Index and Retail Sales.
WTI crude oil: $50.42 per barrel. 10-year U.S. Treasury note: 2.33%. 30-year mortgage: 4.12%
Sources: Facebook, The Grateful Dead, Greg Allman and Estimize.com.
P.S. For those of you who may not be that familiar with Tom Petty, check out the music of “The Traveling Wilburys.” The band was made up of true music legends: Bob Dylan, George Harrison, Roy Orbison, Jeff Lynne and Tom Petty.
On a lighter note: If you should pay a visit to the Cheyenne Mountain Zoo, be sure say hello to our (Cascade’s) adopted animal friend.
Disclosure: This publication shall not constitute an offer to sell or the solicitation of any offer to buy or sell any securities of the companies mentioned. This publication is solely a compilation of recent news releases from the sources cited above.
Ken Beach, President and Managing Partner of Cascade Investment Group, member FINRA & SIPC. Cascade Investment Group is not a tax or legal advisor. You should always consult with your tax advisor or attorney before taking any actions that may have tax consequences.