The profit takers moved in during the week, deciding as usual that a bird in their pants is more fun than one they can’t catch. This week the one that investor’s couldn’t catch was China.
It seems that the movers and shakers in the metals industry noted that China’s steel production seemed to be leveling off. Nobody actually knows for certain what China’s steel industry is doing, but it could be slowing. [more]
The Wax Ink portfolio gained 1.3% for the week, in line with the 1.6% gain of the Russell 2000, but worse than the 2.4% increase in the Dow. It was also a worse showing than the 2.2% increase in the Nasdaq and the 2.4% increase in the S&P 500. The Wax Ink Portfolio is up 16.6% year to date.