The Morning Call---Our national debt denial

 

The Morning Call

 

12/9/20

 

The Market

         

    Technical

 

            Tuesday in the charts.

            https://www.zerohedge.com/markets/bonds-stocks-bullion-bid-complacency-careens-beyond-dot-com-highs

 

            Margin debt confirms market exuberance.

            https://www.zerohedge.com/markets/margin-debt-confirms-market-exuberance

 

            December is the best month of the year for stocks.

            https://www.zerohedge.com/markets/yes-december-best-month-stocks-when-december

 

            Short call buying accelerates.

            https://www.zerohedge.com/markets/snowflake-market-cap-surpasses-ibm-amd

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

                          

Weekly mortgage applications fell 1.2%; purchase applications were down 5.0%.

 

The November small business optimism index was reported at 101.4 versus predictions of 105.0.

 

                        International

 

October Japanese machinery orders rose 17.1% versus estimates of up 2.8%.

 

The October German trade balance was E18.2 billion versus forecasts of E18.0 billion.

 

November Chinese CPI declined 0.6% versus consensus of -0.2% (must read).

https://www.zerohedge.com/markets/deflation-back-china-cpi-turns-negative-first-time-financial-crisis

 

                        Other

 

                          Breakeven inflation is breaking out.

                          https://www.advisorperspectives.com/commentaries/2020/12/08/breakeven-inflation-is-breaking-out

                   

                          More on inflation.

                          https://www.zerohedge.com/economics/inflation-back-big-time

 

                          Q4 nowcast still shows moderate growth.

                          http://www.capitalspectator.com/moderate-growth-outlook-holds-for-us-gdp-in-q4/

 

                          The problem with the ‘Great Reset’.

                          https://www.zerohedge.com/markets/great-reset-and-plans-global-war-savings

 

            The Fed

 

              Stocks on a long monetary leash.

              https://global-macro-monitor.com/2020/12/07/stocks-on-a-monetary-leash/

 

            Fiscal Policy

 

              Our national debt denial.

              https://www.nationalreview.com/2020/12/our-national-debt-denial/?utm_source=fndee&utm_medium=referral&utm_campaign=fee_partnership

 

The coronavirus

 

  The vaccine works.

  https://marginalrevolution.com/marginalrevolution/2020/12/the-vaccine-works-fast.html

 

  Millions of tenants headed for eviction in January.

https://www.nakedcapitalism.com/2020/12/millions-of-tenants-headed-for-absolute-disaster-after-new-year-owing-average-of-nearly-6000-in-rent-and-utilities.html

 

Bottom line.

 

  Home country bias.

  https://www.marketwatch.com/story/the-no-1-investment-mistake-retirement-savers-are-making-vanguard-study-11607365577?mod=home-page

 

    News on Stocks in Our Portfolios

 

Mastercard's (NYSE:MA) board allows the company to buy back up to $6 billion of its class A common shares under a new share repurchase authorization.

The board also declared a quarterly cash dividend of  $$ cents per share, up 10% from its previous dividend.

 

 

What I am reading today

 

           

 

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