The Morning Call
12/4/20
The
Market
Technical
Thursday in the
charts. The long bond bounced back above
the lower boundary of its very short term uptrend, negating Wednesday’s
break. So, for the moment, the decline
in price (rise in yield) has been halted (stalled?). On the other hand, the dollar got hammered again,
resetting its short term trading range to a downtrend. In addition, if it remains below the lower boundary
of its intermediate term uptrend though the close today, it will reset that
trend to a trading range. That is good
for stocks especially when the long bond yield is only inching higher.
https://www.zerohedge.com/markets/bonds-gold-stocks-bid-stimulus-hope-sparks-dollar-dump
More potential
downward pressure on bond prices.
Fundamental
Headlines
The
Economy
US
The October trade balance was -$63.1 billion versus
predictions
of -$64.8 billion.
November nonfarm
payrolls rose 245,000 versus forecasts of 469,000.
The November final
services PMI came in at 58.4 versus expectations of 57.7; the composite PMI was
58.6 versus 57.9.
The November ISM
nonmanufacturing index was reported at 55.9 versus estimates of 56.0.
International
October German factory orders rose 2.9% versus
consensus of +1.5%.
The November EU construction
PMI was reported at 45.6 versus projections of 41.5; the German construction
PMI was 45.6 versus 42.5; the UK construction PMI was 54.7 versus 52.0.
November UK YoY
new car sales fell 27.4% versus forecasts of -24.0%.
Other
Is the reflation trade for real?
http://www.capitalspectator.com/does-the-reflation-trade-have-legs/
European corporate zombification becomes
scarier.
https://www.ft.com/content/da175a86-17ad-44bf-9237-db8d4708fb21
And it is no different
in the US.
https://www.zerohedge.com/markets/zombies-are-amateurs-negative-ebitda-vampires-are-rampage
Transportation capacity tightens further.
https://www.zerohedge.com/economics/transportation-capacity-tightens-further-pricing-climbs-higher
China
China is an increasing threat to our national
security.
Bottom
line.
November dividends by the numbers.
Creating alpha.
https://www.institutionalinvestor.com/article/b1phwnq5888jf2/Why-Modern-Finance-Is-Ruining-the-World
The latest from John Mauldin---read it only if
you want to get depressed.
https://www.zerohedge.com/personal-finance/mauldin-was-all-predicted-10-years-ago
News on Stocks in Our Portfolios
C.H. Robinson
Worldwide (NASDAQ:CHRW) declares
$0.51/share quarterly dividend, in line with previous.
What
I am reading today
Three
charitable giving strategies that will improve your portfolio.
Why does bitcoin have
value?
https://www.aier.org/article/why-does-bitcoin-have-value/
Nominees for the
wildlife photographer of the year.
https://digg.com/2020/wildlife-photographer-of-the-years-peoples-choice-award
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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