Not to say that markets are predictable at all, but the fact that the market today gave back some of the previous day’s gains is certainly not surprising.
The S&P 500 was down 0.2% and but Toronto was basically unchanged.
A notable decliner was Toll Brothers, down 2.2%. I did not trim my position in that as I mentioned I might. I have an order in to trim at $35.
Boston Pizza was down 2.5% $22.25. I would have thought it should be rising like most of the other higher yield investments. However our last update was (lower) Buy at just under $20, so I am not a buyer at this point.
I am somewhat inclined to build my cash position a little higher. (I plan to update the page showing composition of my portfolio within a few days). I do have some orders in to trim Canadian Tire and Toll Brothers and it would nice if the prices would rise up and trigger those sells. But it is anyone’s guess if that will happen. We have had a lot of gains this year and certainly further gains are NEVER guaranteed (especially in the short term).
I notice that Buffett remarked today that stock prices were such that finding stocks to buy was not easy. On the other hand I am pretty certain he is not about to start selling Wells Fargo or Bank of America or Walmart. Buffett said that stocks were more or less fairly priced.