The Morning Call
9/11/20
The
Market
Technical
The Averages (27534, 3339) resumed their decline yesterday,
making a lower high. The question now,
is where will they find support? Wherever
that is I am not changing my current operating assumption that the Market’s
bias is to the upside long term---until QEInfinity/Forever either comes to an
end or investors conclude that it has been, is and will be an economic
disaster.
Speaking of which,
the Fed bought no bond ETF’s in August.
https://www.zerohedge.com/markets/powell-sending-message-fed-bought-no-bond-etfs-entire-month-august
Gold see sawed
back lower, making a fourth lower high but remaining above that July/August
minor support level. In other words,
consolidating. TLT was up ½%, but it too
seems to be consolidating. The dollar was up; but its chart remains the ugliest
of those indicators that I follow. All
in all, nothing of informational value in the pin action of these indicators.
Key charts to
watch.
Thursday in the
charts.
Fundamental
Headlines
The
Economy
US
August CPI came in
at +0.4% versus expectations of +0.3%; core CPI was +0.4% versus +0.2%.
International
July UK industrial
production rose 5.2% versus estimates of up 4.0%; GDP grew 6.6% versus 6.7%; its
trade balance was -L8.6 billion versus -L6.9 billion.
August Japanese
PPI was +0.2%, in line.
August German CPI
was -0.1%, in line.
August Chinese
loan grow was up +13%, in line.
Other
US on track for strong third quarter recovery.
http://www.capitalspectator.com/us-q3-gdp-outlook-remains-on-track-for-strong-rebound/
Update from my favorite optimist.
http://scottgrannis.blogspot.com/2020/09/promising-signs.html
Container rates shattered as US imports surge
https://www.zerohedge.com/economics/container-rate-records-are-shattered-us-imports-surge
The surging euro is a problem for the ECB.
https://www.nytimes.com/2020/09/10/business/ecb-euro.html
The
coronavirus
Lockdowns don’t (didn’t work).
https://www.zerohedge.com/political/evidence-keeps-piling-lockdowns-dont-work
Senate dems block GOP pandemic relief bill.
https://www.zerohedge.com/markets/senate-vote-gop-pandemic-stimulus-bill-opposed-democrats
Europe’s ‘second wave’ builds.
China
The trade volume
between the US and China is picking up.
Bottom
line. The best thing to do is nothing.
https://www.zerohedge.com/markets/first-most-important-rule-investing-master-art-doing-nothing
News on Stocks in Our Portfolios
Oracle (NYSE:ORCL): FQ1
Non-GAAP EPS of $0.93 beats by $0.07; GAAP EPS of $0.72 beats
by $0.07.
Revenue
of $9.37B (+1.6% Y/Y) beats by $190M.
What
I am reading today
How to save more.
The California
fires and climate change.
https://johnhcochrane.blogspot.com/2020/09/smoke-and-nukes.html
An
endless responsibility.
https://thereformedbroker.com/2020/09/10/an-endless-responsibility/
Visit Investing
for Survival’s website (http://investingforsurvival.com/home)
to learn more about our Investment Strategy, Prices Disciplines and Subscriber
Service.
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