The Morning Call
11/20/20
The
Market
Technical
Thursday in the charts. The indices closed higher but were still unable
to regain their all-time highs, leaving open the possibility of a triple
(quadruple) top. On the other hand, the
pin action represented no follow through to the downside, suggesting that there
is enough continued strength to set up yet another challenge of their all-time
highs. In short, technically speaking,
this Market could go either way. Follow
through. In the meantime, while the
other indicators remain in former patterns that indicate uncertainty, they are all
near boundaries which if successfully challenged would point to a weaker
economy.
https://www.zerohedge.com/markets/value-rotation-stalls-bond-yields-dollar-slide
Close but no cigar.
https://www.zerohedge.com/markets/stocks-suddenly-surge-schumer-mcconnell-headlines
Fundamental
Headlines
The
Economy
US
October existing home sales rose 4.3% versus
forecasts of -1.2%.
The October leading economic indicators were
up 0.7%, in line.
The November
Kansas City Fed manufacturing index was reported at 20 versus projections of
18.
International
October Japanese
CPI fell 0.1% versus estimates of unchanged; its November flash manufacturing
PMI was 48.3 versus 49.4, the services PMI was 46.7 versus 49.1, the composite
PMI was 47.0 versus 49.4.
October German PPI
was 0.1%, in line.
October UK retail
sales rose 1.2% versus expectations of unchanged; ex fuel, they were up 0.3%
versus +0.1%; November consumer confidence was -33 versus -34.
Other
Hotel occupancy declined 32% YoY.
https://www.calculatedriskblog.com/2020/11/hotels-occupancy-rate-declined-327-year.html
The
coronavirus
Top pathologist scorns coronavirus as greatest
hoax ever perpetrated on the public.
Anti-lockdown protests spread across Europe.
https://www.zerohedge.com/geopolitical/rising-anti-lockdown-protests-spread-across-europe
Bottom
line.
John Malone buying
hard assets.
Asset allocation
is the most important step in developing an investment program.
http://www.capitalspectator.com/revisiting-first-principles-for-portfolio-design-part-i/#more-15086
Another article
from my favorite optimist, this one suggesting that there is no evidence of an equity bubble; this one also
woefully short of evidence.
. http://scottgrannis.blogspot.com/2020/11/liquid-global-bond-and-equity-market.html
Max pain in small
caps.
https://theirrelevantinvestor.com/2020/11/19/max-pain/
News on Stocks in Our Portfolios
Williams-Sonoma (NYSE:WSM):
Q3 Non-GAAP EPS of $2.56 beats by $1.05; GAAP EPS of $2.54 beats
by $1.01.
Revenue
of $1.76B (+22.2% Y/Y) beats by $170M.
Home Depot (NYSE:HD) declares $1.50/share quarterly dividend, in line with
previous.
BlackRock (NYSE:BLK) declares $3.63/share quarterly dividend, in line with
previous.
Brown-Forman (NYSE:BF.B) declares
$0.1795/share quarterly dividend, 3% increase from prior dividend of
$0.1743.
What
I am reading today
More
evidence of what happened to the colonists on Roanoke Island.
Sidewalk
money.
https://mebfaber.com/2020/11/17/sidewalk-money/
Why
bitcoin is trading near its high.
New
retirement bill will be good news for seniors.
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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