The Morning Call---Cash for nukes?

 

The Morning Call

 

4/17/26

 

The Market

         

    Technical

 

            Thursday in the charts.

            https://www.zerohedge.com/markets/ceasefire-squeeze-morphs-spot-vol-panic-buying-stocks-bonds-credit-crude-aint-buying-it

 

Summary: Dramatic decoupling between oil and bond yields (both up) and stocks (up notably, led by tech) as stocks broadly shrugged off ceasefire-deal-timeline doubts and the 'spot up, vol up' chase into OpEx accelerated. The dollar (unch), gold (unch), and bitcoin (unch) all moved in a tight range on the day. and remember, as we detailed earlier, tomorrow brings with it a big 'gamma unclench' which could threaten the stability of this meltup in stocks.

 

            Thursday in the technical stats.

            https://www.barchart.com/stocks/momentum

            https://www.barchart.com/stocks/market-performance

            https://www.barchart.com/stocks/sectors/rankings

            https://www.barchart.com/stocks/signals/new-recommendations

 

            Whiplash rally.

            https://www.capitalspectator.com/whiplash-rally-stocks-hit-new-high-just-days-after-sharp-drop/

 

            Warning signs building.

            https://www.zerohedge.com/the-market-ear/nothing-matters-until-it-suddenly-does

 

Summary: The market has been quick to dismiss macro signals, with flows and positioning continuing to dominate the tape. What looks like a strong move higher is increasingly being driven by mechanical buying, not fundamentals. At the same time, several warning signs are starting to build beneath the surface, with narrow leadership, stretched positioning, and cheap hedging standing out.

 

            Upside grab faces major ‘gamma unclench’ today.

            https://www.zerohedge.com/markets/spot-vol-upside-grab-faces-major-gamma-unclench-hurdle-tomorrow

 

 

Summary: The dealer gamma position is currently an extreme long. This is the single biggest signal change this week. Into OpEx tomorrow, dealers are now massively long gamma, which means they sell into strength and buy into weakness - the market is blanketed in a dampening effect. This sets up a grind/pin scenario into Friday's expiration. The base case is SPX stays in the 7,000–7,040 range unless today's data or geopolitics delivers a shock. Stay with the index vol sell / single stock vol buy structure - this is the last 24 hours where that trade has maximum gamma tailwind. Into next week we think there will be an equity correction as the index vol support goes away, and positive gamma tumbles.

 

 

            Goldman trader not chasing upside.

            https://www.zerohedge.com/markets/im-not-chasing-upside-here-goldman-delta-one-desk-heads-suggests-caution-narrow-breakout

 

                        Summary: Lessons learned...1.) everything is technical in the short term… fundamentals are a crutch. And…2.) being early = being wrong.

From here...key risk is that CTA + expiry demand fades after this week. Watching PB data for evidence of re-risking. One clear signal… massive SPX call delta buying this week. I’m still cautious… not chasing upside here… but waiting to see if flows exhaust and fundamentals reassert.

 

            However, retail is chasing the upside.

            https://www.zerohedge.com/markets/after-panicking-bottom-retail-now-chasing-meltup

 

Summary: Retail flows improved to $6.6B this week, just below the 12-month avg of $6.7B/week. Retail investors continued to favor ETFs (+$4.7B) over Single Stocks (+$1.9B). Outside of Broad Based Equity ETFs (+$1.8B), retail ETF buying was influenced by Equity Sector Technology (+$344M, 2.1z), Equity Style Call/ Put Writing (+$198M), Fixed Income — Multi Sector (+198M) and Equity Style Dividend (+$196M). Conversely, retail investors sold Fixed Income — Money Market (-$263M, -2.6z) and Short-Term Treasuries (-$167M, -3.8z). This week, and in line with prior weeks, retail investors continued to buy AI datacenters and electrification (JPAMAIDE), Top 30 AI/Datacenter Beneficiaries, Mag 7, along with Growth and AI Software/Product/Monetization. Activity in Mag7 this week: Retail investors bought: MSFT (+$611M, 2.3z), TSLA (+ $517M), META (+$193M), GOOGL/GOOG (+$113M), AAPL (+$25M), and sold: AMZN (-$70M), NVDA (-$94M). Outside of Mag7, retail investors favored Tech (+$704M), Industrials (+$242M) and Financials (+$140M) and were net sellers of Energy (-377M), Health Care (-$89M) and Consumer Discretionary (-$74M). Top 5 retail stocks last week: MSFT (+$611M, 2.3z), TSLA (+$517M), SNDK (+ $246M, 3.0z), META (+$193M) and TSM (+$159M). Bottom 5 retail stocks: NVDA (-$94M), AMD (-$90M), NBIS (-$89M, -3.2z), XOM (-$82M) and AMZN (-$70M).

 

            And so are CTAs.

            https://www.zerohedge.com/markets/ctas-bought-86bn-last-week-they-have-another-70bn-next-five-sessions

               

Summary: And what is even more remarkable is that the bank's futures strategists have this cohort modelled to purchase an additional $70 billion of the next 5 sessions... and that's in a flat tape. As a reminder, CTAs buy VWAP style, and on days like yesterday and today, with little news out an a constant grind higher of the S&P, shows just how impactful they are in the market. What happens next? While past performance is not indicative of future returns, Garrett writes that previous episodes of accelerated CTA demand have seen short term consolidation, followed by medium term strength for S&P500 (t+1 month =+ 2.19% avg return, t+3m = +8.18% avg return).

 

Friday morning setup: Stocks are pushing higher again on the same old regurgitated news: namely speculation that a deal to end the war between the US and Iran is getting closer, the same exact "speculation" that has pushed the Nasdaq higher for what will now be 13 days in a row, and the same speculation that may keep pushing stocks even higher until the reality of no ceasefire sends risk plunging in a few days. For now however, it is sufficient to lift markets thanks to the relentless CTA VWAP grind higher, and as of 8:15am, S&P futures are 0.4% higher, with Spoos trading above 7100 while Nasdaq futs gain 0.3% after both gauges hit record highs Thursday, with all Mag 7 stocks trading higher in the premarket (MSFT +1.1%, AAPL +0.8%). Netflix tumbled 10% after it gave a disappointing Q2 forecast and Reed Hastings announced he is stepping down as Chairman. The dollar was down 10 bps and headed for a February low. Global bonds were mixed, with the 10-year Treasury yield down two basis points at 4.30%. Overnight, headlines were largely quiet: while the date of the second round of US-Iran talk has not yet been determined, Trump signaled that talks could resume this weekend. Oil prices are extending their decline: WTI is down $4 below $88 with both Brent and WTI are both down around 4% for the session as traders await details of talks between the US and Iran following optimistic comments from President Trump. Base metals are all higher led by aluminum (+0.6%); Ags are mostly lower. No economic releases are expected today. Fed’s Daly, Barkin and Waller are scheduled to speak at events. Fed’s blackout period begins Saturday.

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

                        International

 

The February EU trade balance was +E11.5 billion versus consensus of +E11.7 billion.

 

                        Other

 

                          Americans using tax refunds to pay down debt.

  https://www.bloomberg.com/news/articles/2026-04-16/higher-2026-tax-refunds-help-us-households-pay-down-credit-card-student-debt?utm_source=website&utm_medium=share&utm_campaign=copy

 

                          Jobless claims continue to be the most positive economic indicator.

                          https://bonddad.blogspot.com/2026/04/jobless-claims-continue-to-be-most.html

                       

            Iran

 

              Overnight: Cash for nukes?

              https://www.zerohedge.com/geopolitical/three-page-plan-end-war-oil-tumbles-us-reportedly-mulls-20bn-cash-nukes-deal

 

              What the blockade means for Iran’s economy.

              https://www.nytimes.com/2026/04/16/business/economy/iran-oil-blockade.html?unlocked_article_code=1.bVA._yFi.SSedDrZBHZeJ&smid=url-share

 

            Monetary Policy

 

              The Fed chair showdown.

              https://www.wsj.com/economy/central-banking/the-decades-old-legal-question-at-the-heart-of-the-fed-chair-showdown-416f6fc8

 

                           ECB minutes confirm hawkish pivot.

              https://talkmarkets.com/article/ecb-minutes-from-march-meeting-confirm-hawkish-pivot-1776345607

 

            Inflation

 

              Drought affecting 60% of US farmers.

              https://www.zerohedge.com/weather/drought-engulfs-60-us-farmers-begin-spring-planting

 

              Aluminum market descends into supply black hole.

              https://www.zerohedge.com/commodities/aluminum-market-descends-supply-black-hole

 

              Gulf war leaves $58 billion repair bill.

              https://www.zerohedge.com/energy/gulf-war-leaves-58-billion-repair-bill-and-global-equipment-crunch

 

                  Critical shortage of jet fuel.

              https://www.zerohedge.com/energy/critical-shortage-jet-fuel-eu-airlines-have-just-6-weeks-supply-left

 

              Gulf war may spark shortage of critical industrial chemical.

              https://www.zerohedge.com/geopolitical/gulf-shock-may-spark-shortage-worlds-most-critical-industrial-chemical-used-heavily

 

            The Financial System

 

The private credit problem says more about Washington than it does about finance.

https://www.wsj.com/economy/central-banking/the-decades-old-legal-question-at-the-heart-of-the-fed-chair-showdown-416f6fc8?st=CxNRVt&reflink=desktopwebshare_permalink

 

              Banks increasing exposure to trading firms increase ‘inherent fragility’.

              https://giftarticle.ft.com/giftarticle/actions/redeem/14e0c0fb-2c0b-4b6a-a57f-07e3b1df1122

 

            The Dollar

 

              The dollar is not dead nor dying.

              https://www.advisorperspectives.com/commentaries/2026/04/16/on-mind-dollar-dead-long-live-dollar

 

     Investing

 

            Understanding volatility.

            https://larryswedroe.substack.com/p/understanding-market-volatility-what

 

            April outlook for dividends.

            https://politicalcalculations.blogspot.com/2026/04/the-outlook-for-s-500-dividends-in.html

 

    News on Stocks in Our Portfolios

 

 

 

What I am reading today

 

            The regulatory battle to make gold a bank asset.

            https://talkmarkets.com/article/the-regulatory-battle-to-make-gold-a-bank-asset-just-hit-a-major-turning-point-1776359399

 

 

Visit Investing for Survival’s website (http://investingforsurvival.com/home) to learn more about our Investment Strategy, Prices Disciplines and Subscriber Service.

 

 

 

The Morning Call: seven myths about the war in Iran

 

The Morning Call

 

4/16/26

 

The Market

         

    Technical

 

            Wednesday in the charts.

            https://www.zerohedge.com/markets/tax-day-triggers-stocks-oil-vix-bears-get-bird

 

Summary: Markets charge to new all-time highs (but big divergence between NDX and INDU) as optimism of a conclusion to the war persists. 'Spot Up, VIX Up' signals a major (panic) chase is on as equities decouple from oil and bonds continue to underperform. The dollar dipped modestly, gold also down, while bitcoin was flat.

 

            Wednesday in the technical stats.

            https://www.barchart.com/stocks/momentum

            https://www.barchart.com/stocks/market-performance

            https://www.barchart.com/stocks/sectors/rankings

            https://www.barchart.com/stocks/signals/new-recommendations

 

            Four reasons the lows are likely in.

            https://www.carsongroup.com/insights/blog/four-reasons-the-lows-are-likely-in/

 

                Wall of capital waits on the sidelines.

            https://www.zerohedge.com/the-market-ear/wall-capital-waits-sidelines

 

Summary: This is not a short-term market call, but a broader observation. There is an enormous amount of dry powder sidelined. Record money market balances, muted equity positioning, and large private market reserves point to a system flush with liquidity, yet hesitant to deploy it aggressively—at least for now.

 

                Hedge funds panic.

            https://www.zerohedge.com/markets/hedge-funds-panic-they-badly-lag-market-surge

 

Summary: the ratio of hedge fund longs to shorts is below the peak Liberation Day panic, while stocks are back to record highs. This means that hedge funds are now scrambling and chasing stocks in an almost blind panic, which explains why yesterday saw the biggest call volumes of 2026. 

 

                        Time to fade the rally.

            https://www.zerohedge.com/markets/time-fade-rally-goldman-lists-6-trades-hedge-while-you-still-can

 

Summary: With risk assets back at record new highs, Goldman trader Tom Shea thinks the market has moved too far, too fast and is providing a good entry point for cross-asset hedges for 2 different shock scenarios:

1.         Re-escalation in geopolitical tensions causes a renewed selloff – for this risk shock a) buy SPY put spreads, b) own CDX IG protection, c) short HY cash (rate hedged to isolate for spreads), and d) buy front-end receiver spreads.

2.         De-escalation continues, but investor concerns turn to growth weakness & higher inflation – for this risk shock a) buy GBPUSD binary puts, or b) buy upside on the BCOM grains index.

 

What could go wrong?

https://www.zerohedge.com/the-market-ear/997-melt-meets-12-stock-breadth-collapse-what-could-go-wrong

 

Summary: The market just printed a 99.7th percentile melt-up, historically a green light for bulls. But here’s the problem: only a handful of stocks are actually driving the move.

 

Gold consolidates.

            https://talkmarkets.com/article/gold-consolidates-losses-as-traders-weigh-fed-outlook-and-us-iran-talks-hopes-1776273219

 

Thursday morning setup: Stock futures are edging higher on continued optimism about an extended truce in the Middle East, while Taiwan Semi's solid results have sparked another leg higher in AI trade. As of 8:15 am ET, S&P 500 futures rose 0.1%, while Nasdaq 100 contracts +0.2%, and on pace for a 12th day of gains. The early hours of the session saw a sharp rally in technology stocks after TSMC's upbeat revenue outlook highlighted the resilience of AI chip demand. In premarket trading, Mag 7 stocks were mostly higher led by MSFT +1.8% and TSLA +1.3%.  On geopolitical headlines, the White House remains optimistic on the second round of talk (key Pakistani negotiator visits Tehran); Israel’s security cabinet met to discuss a possible ceasefire. Bond yields are 0-2bp lower with a modest gain in the dollar. Brent rose toward $96 a barrel as movements through the Strait of Hormuz remained all but paralyzed. Bonds rose, led by gains in Europe where central bank policymakers signaled they’re in no rush to raise interest rates. The dollar snapped an eight-day losing streak while gold rose above $4,800 an ounce. April’s strong stock rebound is being driven by a new kind of FOMO, according to Ed Yardeni, with Goldman saying that "despite the sharp market rebound, positioning has not fully caught up."  Still, while equities are “definitely pricing” the end of the war, we are “not there yet,” cautioned HSBC’s Patrick George while the IMF and World Bank are also worried that markets are underestimating the war’s economic damage. Today's US economic data calendar includes April New York Fed services business activity, Philadelphia Fed business outlook, weekly jobless claims (8:30am) and March industrial production (9:15am). Fed speaker slate includes Williams (8:35am) and Miran (10:35am)

 

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

Weekly initial jobless claims totaled 207,000 versus expectations of 215,000.

 

The April housing market index was reported at 34 versus consensus of 37.

 

The April Philadelphia Fed manufacturing index was 26.7 versus projections of 10.3.

                         

                        International

 

Q1 Chinese GDP grew 1.3%, in line; Q1 YoY industrial production was up 5.7% versus +5.5%; Q1 YoY retail sales were up 1.7% versus +2.3%; Q1 YoY fixed asset investment rose 1.7% versus +1.9%.

 

February UK GDP increased 0.5% versus estimates of +0.1%; the February trade balance was -L18.8 billion versus -L20.2 billion; February industrial production was up 0.5% versus +0.2%; February YoY construction output fell 1.0% versus -0.5%.

 

March EU CPI came in at 1.3% versus predictions of 1.2%.

 

                        Other

 

                           Update on GDP nowcasts.

                           https://econbrowser.com/archives/2026/04/gdp-projections-one-of-these-is-not-like-the-others

 

                          Against all odds.

                          https://www.capitalspectator.com/against-the-odds-us-is-relatively-resilient-despite-global-turmoil/

                       

                          The petrodollar theory is dead.

                          https://mishtalk.com/economics/petrodollar-nonsense-yet-again-this-time-in-two-opposing-directions/

 

                                  The US is at risk of an oil shock too.

                          https://giftarticle.ft.com/giftarticle/actions/redeem/eebe10d2-8661-4710-945a-0fa52c15694b

 

                                  Glass more than half full.

                          The Champagne Glass Is More Than Half Full

 

                         

            Iran

 

              Overnight News:

   https://www.zerohedge.com/geopolitical/hegseth-vows-hormuz-blockade-continue-long-it-takes-ships-now-subject-search-outright

 

              Seven myths about the war with Iran.

              https://www.tabletmag.com/sections/news/articles/seven-myths-iran-war-michael-doran

 

            Monetary Policy                    

 

              Latest Fed Beige Book confirms economic uncertainty.

              https://www.zerohedge.com/markets/beige-book-confirms-uncertainty-fuel-costs-surged-iran-war-economy-grew-slight-modest-pace

 

            The Financial System

 

More on the significant differences between the private credit market today and   the securitized debt market in the great financial crisis.

https://talkmarkets.com/article/will-private-credit-cause-the-next-financial-crisis-1776246125

 

     Investing

 

    News on Stocks in Our Portfolios

 

 

 

What I am reading today

 

            The myth that won’t die: war is good for the economy.

            (3) The Myth that Won’t Die: “War is Good for the Economy”

 

 

Visit Investing for Survival’s website (http://investingforsurvival.com/home) to learn more about our Investment Strategy, Prices Disciplines and Subscriber Service.

 

 

 

The Morning Call---Not your grandfather's stagflation

 

The Morning Call

 

4/15/26

 

The Market

         

    Technical

 

            Tuesday in the charts.

            https://www.zerohedge.com/markets/mission-accomplished-sp-tops-7k-retraces-all-iran-losses-bonds-bitcoin-bullion-all-bid

 

Summary: For stocks, it's a 'mission accomplished' moment as the S&P joins NDX and RTY in the green from pre-war (as tech laggards lead the charge). Optimistic tones from both US and Iran pushed stocks up, bond yields down (along with oil prices), and the dollar down. Gold and crypto also rallied bigly as central bank expectations drifted dovishly. As one very senior equity trader said: "Flows remain one-way... CTAs, clients, everyone is under-risked and chasing."

 

Note: the Market continues its relentless drive to the upside. Obviously, I was wrong about closing the huge gap up open---at least in the short term. Just to rub it in, the S&P executed a second gap up open yesterday. So, it would appear that the current situation is the exception to the rule. Having been wrong, I don’t want to compound it by panicking into the stocks on my Buy List. So, I am still going to wait for a correction to define support and give me an entry point.

 

            Tuesday in the technical stats.

            https://www.barchart.com/stocks/momentum

            https://www.barchart.com/stocks/market-performance

            https://www.barchart.com/stocks/sectors/rankings

            https://www.barchart.com/stocks/signals/new-recommendations

 

A thought on the rally: “Momentum-driven traders are too loath to miss out on a rally to worry about what is driving it,” Steve Sosnick, the chief strategist at Interactive Brokers, told Bloomberg.

 

            Market performance after a seven day winning streak.

            https://www.bespokepremium.com/interactive/posts/think-big-blog/one-streak-ends-others-make-history

           

            Buy stocks when the VIX is over 30.

            https://giftarticle.ft.com/giftarticle/actions/redeem/f1260576-7051-4a40-bfa6-056290a89530

 

            CTAs unleash buying spree.

            https://www.zerohedge.com/markets/largest-forecast-over-decade-ctas-unleash-historic-buying-spree

 

Summary: the bank now estimates CTAs will buy $83.5bn of global equities over 1 week in a flat tape, of which $43bn is US Equities, "this is a +4 standard deviations move", Armbrust exclaims. For Goldman, "these are the largest flow forecasts observed in the model over the past 10 years."

 

            The latest from Goldman.

            https://www.zerohedge.com/markets/market-braces-big-gamma-unclench-goldman-says-get-long-pullbacks-add-protection-days

 

Summary: VIX expiration tomorrow (4/15) through OPEX (4/17) to clear short VIX/vol bets, and remove positive gamma. This should allow for markets to have more volatility... Throwing everything into the blender, here’s my market view:...the primary bull trend remains intact......yet, the core growth / inflation tradeoff has worsened, and growth should slow in the second half. I think this all reaffirms my recent point on the tactics of near-term execution: build longs on sharp pullbacks / add protection on days like today.

 

The chase will hurt.

https://www.zerohedge.com/the-market-ear/squeeze-paid-chase-will-hurt

 

Summary:  The squeeze has done its job, now it’s starting to pull people back in. Positioning has flipped, volatility has reset, and equities are back pressing key levels. What was a clean, one-way setup is turning into something more dangerous - flows still support, but signals are starting to stretch. From here, it’s less about direction, and more about not getting trapped chasing it.

 

 

Wednesday morning setup: US equity futures are flat following yesterday’s rally as market awaits news on the Iran war resolution and as we traverse earnings season. As of 8:15am ET, S&P 500 futures are little changed after the benchmark closed within a whisker of a record. Risk sentiment took a small knock in recent trade after Iran cautioned that it will not allow shipments to or from the Gulf if the US blockade remain. Nasdaq futures are fractionally in the green, and set for an 11th consecutive gain as the massive short squeeze/CTA forced buying continues: in premarket trading, Mag7 / Semis are mixed, Discretionary and Staples are both stronger, Fins / Indu are leading Cyclicals with weakness in Materials. Bank of America and Morgan Stanley rose in premarket trading as their equity traders posted strong revenue beats. Europe’s Stoxx 600 traded flat, while China’s mainland blue-chip index became the latest in Asia to recoup losses since the Iranian war began. Brent erased early losses to rise 1% toward $96 a barrel as the US pressed ahead with a naval blockade of the Strait of Hormuz. Treasuries edged lower, with the two-year yield rising one basis point to 3.76% and the 10Y rising 2bps to 4.27%. The dollar is slightly stronger which would break a 7 session losing streak if gains hold while gold fell toward $4,800 an ounce. Other commodities are mixed with Ags, Base metals, and the Energy complex ex-natgas bid. Today’s macro data focus is on Beige Book, TIC data (keep an eye on buys/sells of Trsys), Housing prices, Empire Mfg, and Import/Export prices.

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

Weekly mortgage applications rose 1.5% while purchase applications were down 1.0%.

 

Month to date retail chain store sales were up 7.0% versus +7.6% in the prior week.

 

The April NY Fed manufacturing index came in at 11.0 versus forecasts of -0.5.

 

                        International

 

February Japanese machine tool orders were up 3.6% versus predictions of -1.1%.

 

February EU industrial production grew 0.4% versus estimates of +0.3%.

 

                        Other

 

            Iran

 

  Overnight news: Effort to extend US-Iran ceasefire has made progress, AP reports   citing official; mediators aim to extend the ceasefire for at least another two weeks; both sides gave an “in principle agreement” to extend the ceasefire.

 

The Pentagon is sending thousands of additional troops into the Middle East in the coming days, WaPo reports citing US officials; in a bid to pressure Iran while mulling the possibility of additional strikes or ground operations if the ceasefire breaks.

 

US Central Command said blockade of Iranian ports has been fully implemented and that US forces have completely halted economic trade going into and out of Iran by sea.

 

US has intercepted eight Iran-linked oil tankers since the start of the blockade.

 

New satellite images show Iran digging for missile launchers trapped underground amid a ceasefire.

 

More than 20 commercial ships have passed through the Strait of Hormuz in the past 24 hours.

 

The blockade from Iran’s point of view. I have read dozens and dozens of articles on the economics of the closing of the Strait of Hormuz and I have seen nothing that confirms the math of the author with respect to Iran’s oil revenues since the war began. That doesn’t mean the author is wrong; but no one else seems to be singing his song. So I have to question his accuracy.

https://www.bloomberg.com/opinion/articles/2026-04-14/the-hormuz-blockade-is-as-much-about-china-as-iran?utm_source=website&utm_medium=share&utm_campaign=copy

 

            Fiscal Policy

 

              The only way to stop the growth of government spending is to cut taxes.

              https://www.realclearmarkets.com/articles/2026/04/14/neither_balanced_budgets_nor_starve_the_beast_will_limit_government_1175867.html

 

              Yet another big monthly deficit.

              https://talkmarkets.com/article/us-government-spending-addiction-drives-yet-another-big-monthly-deficit-1776186765

 

            Inflation

 

              Everyday prices jump.

              https://econbrowser.com/archives/2026/04/everyday-prices-jump

 

              Not your grandfather’s stagflation.

              (3) Not Your Grandfather’s Stagflation - by Quoth the Raven

 

            Recession

 

              Unemployment claims as a recession indicator.

              https://www.advisorperspectives.com/dshort/updates/2026/04/14/unemployment-claims-and-the-clf-as-a-recession-indicator-march-2026

           

            Affordability

 

              New home affordability in February best in four years.

              https://politicalcalculations.blogspot.com/2026/04/new-homes-sold-in-february-2026-are.html

           

              Where did all the affordable cars go?

              https://econbrowser.com/archives/2026/04/clifford-winston-on-where-did-all-the-affordable-cars-go

 

            The Financial System

 

              Private credit has calmed the credit cycle.

              https://giftarticle.ft.com/giftarticle/actions/redeem/34307f76-2c4b-4216-8794-1583d71b3b7d

 

     Investing

 

            Diversification is the only free lunch in investing.

            https://alhambrapartners.com/weekly-market-pulse-the-only-free-lunch-in-investing/?src=news

 

            The basics of building wealth.

            https://dariusforoux.com/the-basics-of-building-wealth/

 

            Risky debt outshines Treasuries.

            https://www.capitalspectator.com/in-wartime-markets-risky-debt-outshines-treasuries/

 

            What do you believe about investing?

            https://behaviouralinvestment.com/2026/04/14/what-are-your-investment-beliefs-2/

 

            Are you an analyst or an investor?

            https://microcapclub.com/are-you-an-analyst-or-an-investor/

 

    News on Stocks in Our Portfolios

 

 

 

What I am reading today

 

           

 

 

Visit Investing for Survival’s website (http://investingforsurvival.com/home) to learn more about our Investment Strategy, Prices Disciplines and Subscriber Service.