E Panic Attack

A panic attack yesterday after I ate a fortune cookie that didn't have a fortune paper inside it led me to continue to worry about lower stock prices. And today the DJIA opened up 200 points so I figured maybe it was because of my local Chinese carryout is not getting enough business in the lockdown, so they were using unstuffed cookies.

While we have some lovely gains, there is still risk out there. Harvey Katz, the macro pundit at ValueLine, today wrote that “the path of least resistance is likely higher” for H2, so maybe he expects a real rebound. I am not sure. ValueLine continues to plug two of my big US holdings, CBOE Global Markets and Thermo Electron (TMO) neither of which I bought because of ValueLine but of course that puts me into the top ten at the weekly.

The H1 rise in US markets was based on hope for an end to lockdowns. But now in addition to new variants of the virus, we are seeing really serious global warming flood and fire disasters: on the US West Coast, in Germany, Belgium, and Holland; in Zhengzhou on the Yellow River in China; on the New York Subway system. Underground pipelines, rivers, dams, reservoirs, are leaking all over the world.

Photo by Adeolu Eletu on Unsplash

So I remain pessimistic. The next time I get carry-out I will ask them to only give me stuffed fortune cookies and if they have none left, to just skip the cookies.

We have a lot of corporate news. Verizon VZ, which I own along with everyone else, gained 1.5% today after its sales and profits beat forecasts.

Miners

*Chilean mining company Antofagasta is one of our exotic plays, tipped by Frida Ghitis who visited the company. Today it gained 5.15% after reporting on its Q2. Its copper production fell 8% in the quarter because of lower recovery and grades at two mines. Copper sales fell more sharply, down 11%. However gold output rose 4% in Q2 compared to prior year. The Chilean election has been won by a socialist who defeated the daughter of a prior right-wing president but some of the extreme positions espoused by his followers have already been watered down according to UK brokerage Peel Hunt. It told the WSJ that the Chilean senate's discussions over resetting mining royalty rates were much wider-ranging than the bill presented to the senate by the lower house, so the final bill will have lower royalties than what had been feared. The stock, whose primary listing is in London for historic reasons, rose 3.4% there but is much higher in the USA. Peel Hunt said both copper and gold prodction in the quarter were below its forecasts at 178,000 metric tonnes and 61,000 oz because of maintenance operations. It rates ANFGF a hold but the consensus is a buy/hold.

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William K. 1 week ago Member's comment

If so many stocks are rising then it seems that the announced Panic Attack must be of a more personal nature. Here's hoping for a speedy recovery.

I do suggest removal of the worry gland, although the surgery is quite painful. The result, though, is not the hoped for "bliss" promised by some.