You had one set of facts that you wanted to stick to, even as that narrative has changed for the worse or for the better. Yesterday the facts changed for American Express and the stock roared 9 higher today, helping to prop up the Dow Jones Industrial average. Dow ultimately dippingc 40 points. S p declining 0. 14 , nasdaq slipping 0. 09 . Ill have more to say about the debates impact on the market later in the show. For now, i want to talk about how stock picking is the opposite of politics. If you change your mind in politics, you get eviscerated. But if you dont periodically change your mind in the stock market, your fort folio gets eviscerated. Im hardly the person to point out this need for flexibility. Keynes asked why he flipflopped on a issue allegedly responded, when the facts change, i change my mind. What do you do, sir . I say allegedly because the story is aprosthetic riffle. American express had been a serial guide downer, almost every quarter produced a disappointment.
On a day like this where the dow advanced 30 points, s p dipped 0. 17 . Nasdaq declined 0. 63 . Weve entered the most intense part of Earnings Seasons and the market keeps rerendering snap judgments on the fly. Reare tasked with trying to make some sense of it if there is indeed any sense to be made. How crazy is it out there . Just look at the stock of boeing, which has been ages lost in the wilderness after a long period of outperformance. The stock rallied four points before the opening. Then management told you that pashtd of the internice had soft sales, and the stock plummeted 6 bucks from that premarket high. But then when boeing made it clear that demand for its narrow bodied plane san diego possibise charts, the stock snapped right back to where it us, closing back up 6 bucks. Look at the arc of that roller coaster ride in a single session, the Company Guides up on earnings and sales. Then its rejected, and then its accepted again all within two hours. We have to ask what real