The Morning Call
8/4/20
The
Market
Technical
The Averages (26664, 3294) had a good day but the friction
between them remains. While they are not
out of sync with respect to a major trend, (1) the S&P is above its June
high, the Dow is not, (2) the Dow unsuccessfully challenged its 200 DMA [now
support] intraday, the S&P is not even close and (3) while both are making
higher lows, the S&P is making higher highs; the Dow is not. Adding to the negative tilt, both indices
made gap up opens yesterday. Plus, the
VIX was down only fractionally on a strong stock up day. In short, it appears
that we are in for more backing and filling.
Nonetheless, I am sticking with my assumption that the Market’s bias remains
to the upside.
https://www.zerohedge.com/markets/somethings-rotten
Gold was up
slightly but was again unable to challenge the upper boundary of its long term
uptrend (185.85). The long bond fell, sufficient
to break the upward momentum off its June low.
The dollar spike higher at the Market open but closed unchanged on the
day
http://mrzepczynski.blogspot.com/2020/07/gold-extremism-fundamentals-and-trends.html
Why would anyone
own bonds?
https://awealthofcommonsense.com/2020/08/why-would-anyone-own-bonds-right-now/
Monday in the
charts.
https://www.zerohedge.com/markets/nasdaq-surges-another-record-high-despite-dollar-surge
Fundamental
Headlines
The
Economy
US
June construction spending fell 0.7% versus
expectations of a rise of 1.0%.
The July manufacturing PMI came in at 50.9
versus estimates of 51.3.
The July ISM
manufacturing index was reported at 54.2 versus consensus of 53.6.
https://www.advisorperspectives.com/dshort/updates/2020/08/03/ism-manufacturing-index-up-1-6-in-july
July light vehicle sales were 14.5 million
versus 13.1 million in June.
International
June EU PPI was 0.7% versus forecasts of 0.5%.
July Japanese CPI was 0.6% versus projections
of 0.4%.
Other
Atlanta
Fed sees Q3 GDP growth of 20%.
https://www.zerohedge.com/markets/us-q3-gdp-now-seen-surging-20-atlanta-fed
Mortgage loans in forbearance declines.
https://www.calculatedriskblog.com/2020/08/mba-survey-share-of-mortgage-loans-in.html
It is now almost impossible to get a bank loan.
https://www.zerohedge.com/markets/its-now-virtually-impossible-get-bank-loan-lending-standards-soar
US economy stronger than eurozone.
https://www.zerohedge.com/markets/us-economy-stronger-eurozone
The
coronavirus
***overnight update.
Lost knowledge.
https://www.aier.org/article/is-immunity-a-case-of-rothbards-lost-knowledge/
China
China’s factory output rises the fastest in
nine years.
https://www.ft.com/content/1133204f-9b5a-454c-9934-ce853ce59233
Bottom
line This time is (not) different…...
https://www.zerohedge.com/markets/time-different-death-valuation-intellectual-calamity-big-data
That is why cash
is so important.
https://www.zerohedge.com/markets/safety-liquidity-or-return-why-cash-important-hedge
News on Stocks in Our Portfolios
Emerson Electric (NYSE:EMR): Q3
Non-GAAP EPS of $0.80 beats by $0.21; GAAP EPS of $0.67 beats
by $0.14.
Revenue of $3.91B (-16.5% Y/Y) beats by $10M.
T. Rowe Price (NASDAQ:TROW) declares
$0.90/share quarterly dividend, in line with previous.
What
I am reading today
Underestimating
your income needs in retirement.
Quote of the day.
Visit Investing
for Survival’s website (http://investingforsurvival.com/home)
to learn more about our Investment Strategy, Prices Disciplines and Subscriber
Service.
No comments:
Post a Comment