The Morning Call
11/5/20
The
Market
Technical
The S&P (3443)
made a noteworthy move up yesterday (1) closing the huge 10/28 gap down open,
(2) breaking the very short term trend of lower highs and (3) continuing a
bounce off its 100 DMA. While that
negates the recent downtrend, an uptrend will only be set if the S&P
successfully challenges its all-time high (3588). If I wanted to put money to work, I would
wait for the results of that challenge.
Wednesday in the
charts.
https://www.zerohedge.com/markets/stocks-bonds-surge-record-post-election-gain
Fundamental
Headlines
The
Economy
US
Weekly jobless claims rose 751,000 versus
consensus of up 732,000.
Q3 nonfarm
productivity was up 4.9% versus expectations of up 5.6%; unit labor costs
declined 8.9% versus -11.5%.
The October ISM
nonmanufacturing index was reported at 56.6 versus estimates of 57.5.
The October final
services PMI was 56.9 versus projections of 56.0; the composite PMI was 56.3
versus 55.5.
October light vehicle sales fell 0.5%.
https://www.calculatedriskblog.com/2020/11/october-vehicles-sales-decreased-to-162.html
International
September German
factory orders were up 0.5% versus forecasts of up 2.0%.
September EU
retail sales decreased 2.0% versus predictions of -1.0%.
The final October Japanese
services PMI came in at 47.7 versus consensus of 46.6; the composite PMI was
48.0 versus 46.7.
The final October
EU construction PMI was 44.9 versus expectations of 46.2; the German construction
PMI was 45.2 versus 44.4; the UK construction PMI was 53.1 versus 55.0.
Other
The outlook for growth continues to improve.
http://scottgrannis.blogspot.com/2020/11/the-outlook-for-growth-continues-to.html
The
coronavirus
***overnight update.
The latest stats.
https://politicalcalculations.blogspot.com/2020/11/the-biggest-news-story-in-world.html#.X6L6L4hKiM8
Midwestern states thrive with fewer virus
rules.
https://www.zerohedge.com/political/midwestern-states-thrive-fewer-virus-rules-second-wave-arrives
Bottom
line. The latest FOMC meeting wraps up today; and
the Market awaits the reassurance that the Fed will remain accommodative
whatever occurs on the political front---which
will be needed since the likely election outcome (Biden/GOP senate) will result
in less fiscal spending and more restrictive lockdown measures. Gridlock will keep Powell as the most powerful
man in Washington.
Overnight, the Bank of England led the way
with a larger than expected increase in its bond buying program.
More on valuation.
News on Stocks in Our Portfolios
Becton,
Dickinson (NYSE:BDX):
FQ4 Non-GAAP EPS of $2.79 beats by $0.25; GAAP EPS of $0.36 misses
by $1.56.
Revenue
of $4.78B (+4.4% Y/Y) beats by $300M.
Qualcomm (NASDAQ:QCOM):
FQ4 Non-GAAP EPS of $1.45 beats by $0.27; GAAP EPS of $2.58 beats
by $0.35.
Revenue
of $6.5B (+35.1% Y/Y) beats by $560M.
FactSet Research Systems (NYSE:FDS) declares
$0.77/share quarterly dividend, in line with previous.
What
I am reading today
This
is your brain on certainty.
https://www.morningstar.com/articles/1008579/this-is-your-brain-on-uncertainty
The economic divide in America.
https://www.nakedcapitalism.com/2020/11/six-charts-that-reveal-americas-deep-divides.html
Apparently
2016 was no fluke.
http://www.capitalspectator.com/now-we-know-trumps-2016-win-was-no-fluke/#more-15006
Winners
of the Epson International Panoramic Photo Awards.
https://www.theatlantic.com/photo/2020/10/winners-2020-epson-international-pano-awards/616868/
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