I've been saving up a bunch some stories that generally make me shake my head. First, a little market wrap-up.
Today was the first Tuesday in the last 21 where the market didn't go up. That is the longest stretch ever and had gone from kind of goofy joke, "hey, look the market was up again, it must be Tuesday" to an actual trading strategy that some were following - buy on Monday, sell on Tuesday. This makes absolutely no sense - why would the day of the week determine the value of a company or the market in general? - but in today's market we have to learn to ignore the old way of thinking in favor of trend chasing.
Right now the story of the day will be "Concerns about the Fed hurt stocks" or "Strong housing market fuels stocks" but the reality is far simpler. Watch the US dollar vs. the Japanese Yen. When the yen appreciates, stocks fall. When the yen slips, stocks rise. I wish it was more complicated but it's not.
Anyway, I promised some interesting stories so here you go -
1) Okay, you live 2,950 feet above sea level. Logically, you must have home owner's insurance coverage for.... Tsunamis??? That was the surprise this gentleman in Australia got when he was looking for some new home insurance. The company providing the quote tacked on a $300 Tsunami rider for the risk of some giant 3,000 foot wave crashing into Australia.
2) United airlines to institute a baggage "subscription fee" option. For a mere $349 (plus a host of other fees and conditions) you can now once again fly with the joy of knowing your bags may or many not arrived on time. Since United started charging for the first checked bag ($25) this seems like the logical "Netflix" version of their baggage model. At some point someone (Elon Musk?) will upset the apple cart in the airline industry.
It's late so I'll follow-up with some other thoughts tomorrow.