Commentary

George Chamberlin

GEORGE CHAMBERLIN has been associated with The Daily Transcript at SDDT.com since 1998 and became Executive Editor in 2006. He is responsible for the development of editorial strategies for the newspaper and website. He has introduced video and audio into the editorial products and is the public face of the company at many community events. George regularly chairs industry roundtables and conducts video interviews of participants for use on the San Diego Source. He writes two daily columns, "Money in the Morning" and a daily stock market wrap-up.

George, a long time resident of North County, lives in Vista with his wife Terry.

From the Executive Editor

Welcome back, 17K. For no apparent reason -- and a bit suprising considering the Fed meeting -- the Dow industrials posted a big gain yesterday, up 188 points and closing back above 17,000 for the first time since Oct. 3. In most cases the markets simply idle while the Fed is discussing the economy, interest rates, jobs and inflation, on the off chance something unexpected comes out of the Yellen gang. We will find out at 11 a.m. Pacific time today what changes, if any, will be announced. With a the mid-term elections less than a week away it is likely they will leave things alone and stay the course.

A big jump in consumer confidence helped push stock prices sharply higher on Tuesday.

Waiting for the Fed. Stocks simply went through the motions yesterday as investors opted to move to the sidelines following last week's huge gains and anticipation over the outcome of the two-day meeting of the Federal Reserve that kicked off this morning. The Dow industrials and Nasdaq posted small gains while the S&P 500 was slightly lower. It is hard to imagine the Yellen squad will make any major changes in policy with so much uncertainty in the global markets and the mid-term elections just a week away. But you never know.

The end of October can't come soon enough. Not that it has been a bad month for investors; it just seems to be haunted.

Stocks were little changed Monday after posting big gains the previous week.

The bulls are back. Just when it looked like the great correction had arrived, along comes the biggest weekly rally of 2014. The Nasdaq was the big winner, up 5.2 percent for the past week, while the S&P 500 rose 4.5 percent and the Dow industrials gained 2.5 percent. The gains snapped a four-week losing streak and pushed the averages into solid positive territory for the year. So, how did MarketWatch.com decide to cover the story? Today's headline reads, "Three reasons to expect a 30 percent market meltdown." They quote a guy who admits in the article he has been terribly wrong with his forecasts so far this year but is pretty sure now there will be a correction. Maybe.

Action and reaction. The markets continue to be buffered from nonfinancial circumstances. For instance, the attacks in Ottawa on Wednesday sent the Dow industrials down 153 points. However, once it appeared the situation in the Canadian capital was not the start of a wider terrorist attack, the markets calmed down and the Dow jumped 217 points yesterday.

For generations, parents have worried their children will have a tough time making it financially in a world that seems fraught with danger. And conventional wisdom says today’s millennials — those between the ages of 18 and 34 — don't have a chance.

The terror in Ottawa took stock prices lower yesterday. The markets had been meandering throughout early morning trading, a brief respite after three consecutive winning sessions. However, things changed as word spread about the events in the Canadian capital and the markets turned south, with the Dow industrials ending the session with a 153-point loss. As has been the case for some time, it is not actually the event itself driving the market lower, but the uncertainty about how serious the situation could become. Too be sure, the intent of organized terrorism is to take down the economies of the free world. It was no coincidence that the attacks of Sept. 11, 2001, targeted the World Trade Center in New York and the neighboring financial hub of the world.

The bulls are back. After several weeks of bearish activity -- the Dow industrials started this week down about 5 percent from the all-time high set on Sept. 19 -- the markets have been coming back with gusto. The Dow jumped 215 points yesterday and has returned to positive territory for the year. But the big winner yesterday was the Nasdaq, up a staggering 103 points, or 2.4 percent. It was propelled by big gains in Apple shares following a report showing big sales of its iPhones and computers.

Concerns about a violent incident in Canada on Wednesday sent stock prices lower, snapping a three-session winning streak.

For most people, last Sunday was just another day, perhaps marred only by the Chargers’ loss to the Kansas City Chiefs.

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