I’m talking about Dow Chem.
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Argue first, read later. 
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- Cisco Systems ($CSCO) stock closed at $82 on February 3, 2026, approaching its March 2000 dot-com bubble peak of $83.11 for the first time in 26 years, as shown in the chart.
- The surge aligns with robust Q2 FY2026 earnings reported that day, highlighting AI-fueled networking demand and cybersecurity growth, which propelled shares up 2.96% amid broader telecom sector momentum.
- In context, the $IYZ telecom ETF simultaneously reached 24-year highs, driven by defensive rotation into high-dividend, low-volatility plays, echoing a poetic parallel to the fiber-optics bubble era when the ETF launched.
(Grok)
NYC Food Inflation from an unusual source
SNIP — “A $5.99 package of Oreos and a $5.99 box of Ritz crackers could rise as much as $1 each by the end of the month, grocery executives said. That’s when Mondelez International — which also makes Clif Bars, Hall’s cough drops and Philadelphia cream cheese — will stop direct deliveries to 1,000 independent grocers across the city.”
Bad job numbers.
Companies in the private sector added just 22,000 jobs in January, payroll processing firm ADP said Wednesday.
The figure is well below economists’ estimates of a gain of 48,000 jobs. The prior month’s payrolls number was revised lower to a gain of 37,000 from an initially reported gain of 41,000.
“Job creation took a step back in 2025, with private employers adding 398,000 jobs, down from 771,000 in 2024,” said ADP chief economist Nela Richardson. “While we’ve seen a continuous and dramatic slowdown in job creation for the past three years, wage growth has remained stable.”
I have enjoyed a great run up in my portfolio especially during the last 2 months. Recently, I noticed that XOM, which had a marvelous run, has a PE ratio of 22. I was shocked. Oil companies hardly hit 20. So, I’m going to cut exposure.
Most shocking, Walmart, which has a PE of 44. That is asking for trouble. I cut my exposure by 50%
I’m not sure what happens going forward but these PEs tell me that too many stocks are richly valued. You younger guys may want to keep riding the dragon but old guys have to be careful.
BTW, I bought a lot of Amazon at 160 a while ago. Sold it around 240 and was kinda po’d when it kept climbing. Now it’s dropping with all the tech stocks. I would love to buy back in if it bleeds out some more.
Bottom line, it’s a time to be careful and consider taking some profits.
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Definitely an economy with mixed messages
Trucking keeps on…
Here’s a couple of years of weekly closes for a trucking index.
And here’s a trucking anecdote from X —
https://x.com/FreightAlley/status/2019744407595971009?s=20
—FOLLOW UP—
Been that way since the pandemic. I’m sure longer but it’s been very clear since then.
This isn’t a great indicator.
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Too many offices coming into the economy?
Slap tariffs on them–all fixed.
/s/
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US retail sales unexpectedly flat in December
The flat reading in retail sales last month followed an unrevised 0.6% increase in November, the Commerce Department’s Census Bureau on Tuesday. Economists polled by Reuters had forecast retail sales, which are mostly goods and are not adjusted for inflation, would rise by 0.4%.