The Morning Call
11/12/20
The
Market
Technical
Could the bond
market derail the stock market?
https://awealthofcommonsense.com/2020/11/could-the-bond-market-derail-the-stock-market/
Wednesday in the
charts. The important takeaways being
(1) the Dow and S&P remain below their all-time highs [danger!! triple top]
and (2) the bond market was closed.
https://www.zerohedge.com/markets/bonds-away-tech-bulls-will-play
Fundamental
Headlines
The
Economy
US
Weekly jobless claims rose 709,000 versus
estimates of 735,000.
October CPI came
in unchanged versus predictions of +0.1%; core CPI was also flat versus +0.2%.
International
September EU
industrial production fell 0.4% versus expectations of +0.7%.
September Japanese
machinery orders declined 4.4% versus consensus of -0.7%; October PPI was
-0.2%, in line.
The September UK
trade balance was +L0.6 billion versus projections of -L1.0 billion; industrial
production was up 0.5% versus +0.8%; manufacturing production was +0.2% versus
+1.0%; GDP was -8.4%, in line.
Q3 UK preliminary
GDP growth rate was 15.5% versus forecasts of 15.8%; business investments were
up 8.8% versus +15.9%; construction output was +0.6% versus -20.0%.
October German CPI
was unchanged, in line.
Other
The
Fed
Vaccine news means central banks will have to
disappoint.
The
coronavirus
***overnight update.
Is a lockdown coming?
https://www.zerohedge.com/markets/biden-science-advisor-calls-4-6-week-lockdown-avoid-covid-hell
And with it, ‘distributive
justice’?
I am making an
economic not a political observation here---a lockdown and a longer inoculation
period for the coronavirus vaccine will almost surely negatively economic
growth at least for the period of the lockdown.
It was a mistake to close schools.
https://www.aier.org/article/it-was-a-mistake-to-close-schools-uk-study-concedes/
Bottom line. There is no vaccine for a terminally ill
economy.
https://www.zerohedge.com/economics/theres-no-vaccine-terminally-ill-economy
While the author of
the above very bearish piece makes good textbook points on the economy, we are
invested in the Market not the economy. And
it has yet to be proved that QE is bad for stocks. Until it is, this Market will retain its
upward bias---though that triple top I keep mentioning would be an early
warning signal.
News on Stocks in Our Portfolios
Automatic Data Processing (NASDAQ:ADP) declares $0.93/share quarterly
dividend, 2.2% increase from prior dividend of $0.91.
What
I am reading today
Save first, spend what is
left.
https://theirrelevantinvestor.com/2020/11/10/an-uneven-recovery/
If everything is historic then
nothing is historic.
https://mrzepczynski.blogspot.com/2020/11/if-everything-is-historic-then-nothing.html
How the income gap got so wide.
https://www.zerohedge.com/markets/tales-cobras-windows-and-economic-promise-part-2
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