Thursday, January 14, 2021

The Morning Call--Setting the stage for a bitcoin rally


The Morning Call




The Market




            The charts say sell gold rallies.



            Eurodollar curve chaos.



            Wednesday in the charts.







              The Economy




                          Weekly jobless claims rose to 965,000 versus expectations of 795,000.



The December budget deficit was $144 billion versus $145 billion in November.


The Fed released its latest Beige Book report whose tone was a bit more upbeat than its immediate predecessor.  The bad news is that inflation also appears to be recovering.




November Japanese machinery orders were up 1.5% versus estimates of down 6.2%; December PPI was -2.0% versus -2.2%.


The December Chinese trade balance was +$78.1 billion versus predictions of +$72.4 billion; December vehicle sales were up 6.4% versus November’s reading of up12.6%.


2020 German GDP growth was -5.0% versus forecasts of -5.1%.




                          Philly Fed business cycle index near recession signal.



                          Cleveland Fed key measures show inflation soft in December.



                                 Update on global oil supply/demand.



            The Fed


              Who wants inflation, you or the Fed?



            Fiscal Policy


              Rumors are that Biden’s stimulus plan will cost $2 trillion.



            The coronavirus


              Update on coronavirus stats.



            Bottom line.  The stock market doesn’t care.



                        Just take the money.



    News on Stocks in Our Portfolios


BlackRock (NYSE:BLK): Q4 Non-GAAP EPS of $10.18 beats by $1.15; GAAP EPS of $10.02 beats by $0.90.

Revenue of $4.48B (+12.6% Y/Y) beats by $200M.


What I am reading today


            The social media’s silent coup.



            The problem with bitcoin as currency.



            Setting the stage for a bitcoin rally.



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