One more month to go in 2013. I would certainly be happy if we could hold onto the excellent gains achieved so far in 2013.
This month the big market driver may be whether the FED gives any hint of tapering its bond purchases or not.
On Friday the S&P 500 was down 0.1% and Toronto was up 0.2%.
FedEx is updated and rated Sell at $138.70. It’s up 51% this year. At this point it appears to be pricing in too much growth. Perhaps it will deliver the growth. It’s a strong company. But it appears too pricey at this time. As much as I like the idea the the founder Frederick Smith is in charge, he is 69 years old and maybe it is time for new management given a less than stellar track record lately. The air express business seems to offer a fantastic service at a low price but the profits seem too modest in that part of the business in particular. FedEx will report another quarter of earnings in mid-December and perhaps things will look better then.