The Morning Call---The stock market is overvalued by any measure

 

The Morning Call

 

11/3/20

 

The Market

         

    Technical

 

            What does the stock market do around election day?

            https://ofdollarsanddata.com/what-does-the-stock-market-do-around-election-day/

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

                            

                             September construction spending rose 0.3 versus consensus of +1.0%.

                             https://www.calculatedriskblog.com/2020/11/construction-spending-increased-03-in.html

 

The October final manufacturing PMI came in at 55.5 versus estimates     of 55.6.

https://www.advisorperspectives.com/dshort/updates/2020/11/02/markit-manufacturing-improves-in-october

 

The October ISM manufacturing index was reported at 59.3 versus forecasts of 55.8.

                             https://www.advisorperspectives.com/dshort/updates/2020/11/02/october-ism-manufacturing-index-highest-since-sept-2018

 

                        International

 

                        Other

 

                          Why there is no housing shortage.

                          https://www.advisorperspectives.com/commentaries/2020/11/02/3-reasons-why-there-really-is-no-housing-shortage

 

                          Two major mall owners file for bankruptcy.

                          https://www.zerohedge.com/markets/two-major-mall-landlords-file-bankruptcy-amid-retail-carnage

 

            The Fed

 

The FOMC meets this week; and these issues will be at the forefront of its discussions.

              https://www.reuters.com/article/us-usa-fed-election/virus-political-risk-rising-as-fed-takes-stock-of-post-election-landscape-idUSKBN27I18V

 

              MMM good versus MMM bad.

              https://blog.evergreengavekal.com/mmm-good-or-mmm-bad/

 

            Bottom line.  The stock market is overvalued by any measure.

                https://www.marketwatch.com/story/the-stock-market-is-overvalued-according-to-almost-every-measure-dating-to-1950-11604068887?mod=home-page

 

    News on Stocks in Our Portfolios

 

Emerson Electric (NYSE:EMR): Q4 Non-GAAP EPS of $1.10 beats by $0.16; GAAP EPS of $1.20 beats by $0.30.

Revenue of $4.56B (-8.2% Y/Y) beats by $70M.

 

UPS (NYSE:UPS) declares $1.01/share quarterly dividend, in line with previous.

 

            AbbVie’s high dividend provides attractive income.

            https://seekingalpha.com/article/4381268-inexpensive-abbvies-high-dividend-yield-makes-buy?utm_medium=email&utm_source=seeking_alpha#alt2&mail_subject=abbv-inexpensive-abbvie-s-high-dividend-yield-makes-it-a-buy&utm_campaign=rta-stock-article&utm_content=link-0

 

 

What I am reading today

 

            Using the body as a gateway to the mind.

            http://traderfeed.blogspot.com/2020/11/using-body-as-gateway-to-mind.html

 

 

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