The Morning Call
12/2/20
The
Market
Technical
Tuesday in the
charts. Notable, with stocks having
confirmed the break above their all time highs, the dollar and the long bond
are now breaking below support levels with gold rallying off its 200 day moving
average. In short, increased activity
around major support/resistance levels suggesting changes in trends are
developing.
https://www.zerohedge.com/markets/gold-stocks-bond-yields-spike-dollar-carnage-continues
November’s
historic rally may not bode well for December.
Gold experiences
its first big test in nine months.
https://sentimentrader.com/blog/gold-suffers-its-1st-real-test-of-its-long-term-trend/
Fundamental
Headlines
The
Economy
US
Month to date
retail chain store sales were up big from the prior week.
Weekly
mortgage applications declined 0.6% while purchase applications were up 9.0%.
October
construction spending rose 1.3$ versus expectations of up 0.8%.
https://www.calculatedriskblog.com/2020/12/construction-spending-increased-13-in.html
The
November final manufacturing PMI came in at 56.7, in line.
The
November ISM manufacturing index was reported at 57.5 versus predictions of
58.0.
The November ADP
private payroll report showed job gains of 307,000 versus consensus of 410,000.
International
October German retail sales were up 2.6%
versus forecasts of +1.2%.
October EU
unemployment came in at 8.4%, in line; October PPI was +0.4% versus +0.2%.
November Japanese
consumer confidence was 33.7 versus estimates of 33.0.
Other
October median household income.
Framing lumber prices up 50% YoY.
https://www.calculatedriskblog.com/2020/12/update-framing-lumber-prices-up-50-year.html
Fiscal Policy
How
much debt is too much?
https://www.advisorperspectives.com/commentaries/2020/12/01/how-much-debt-is-too-much
Foreign share of
US debt plunging.
https://www.zerohedge.com/economics/foreign-share-us-debt-plunging-fed-picking-slack
Biden’s economic
team suggests focus on worker and income equality.
https://www.nytimes.com/2020/11/30/business/biden-economics-yellen-labor.html
The
coronavirus
Surviving until next summer.
https://www.nytimes.com/2020/12/01/upshot/economic-boom-possible-covid.html
China
The second cold war.
https://blog.evergreengavekal.com/the-second-cold-war/
Bottom
line. Greed comes before the fall (must read).
https://www.zerohedge.com/markets/greed-back
Market euphoria surpasses Dot.com levels.
https://www.zerohedge.com/markets/market-euphoria-surpasses-dot-com-levels-whats-investor-do
Citibank warns 100% probability of losing
money.
Making sense of sky high stock prices.
News on Stocks in Our Portfolios
What
I am reading today
Value is what I say it
is.
https://www.aier.org/article/value-is-what-i-say-it-is/
Top shots from 2020 landscape
photographer of the year.
Visit Investing
for Survival’s website (http://investingforsurvival.com/home)
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