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

 

The Morning Call

 

1/14/21

 

The Market

         

    Technical

 

            The charts say sell gold rallies.

            https://www.zerohedge.com/the-market-ear/c7bqgkexj

 

            Eurodollar curve chaos.

            https://www.zerohedge.com/markets/eurodollar-curve-chaos-fed-does-full-360-degree-tapering-debate

 

            Wednesday in the charts.

            https://www.zerohedge.com/markets/bonds-big-tech-bid-penny-stock-buying-panic-explodes

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

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

                          https://www.zerohedge.com/personal-finance/initial-jobless-claims-soars-highest-august-amid-illinois-chaos

 

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.

https://www.zerohedge.com/economics/beige-book-finds-prices-rising-everywhere

 

                        International

 

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%.

 

                        Other

 

                          Philly Fed business cycle index near recession signal.

                          http://www.capitalspectator.com/philly-feds-ads-business-cycle-index-near-a-recession-signal/

 

                          Cleveland Fed key measures show inflation soft in December.

                          https://www.calculatedriskblog.com/2021/01/cleveland-fed-key-measures-show.html

 

                                 Update on global oil supply/demand.

                         https://www.zerohedge.com/commodities/opec-monthly-report-signals-demand-optimism-track-drain-oil-inventories

 

            The Fed

 

              Who wants inflation, you or the Fed?

              https://www.zerohedge.com/personal-finance/inflation-your-best-interest-or-feds

 

            Fiscal Policy

 

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

              https://www.zerohedge.com/markets/yields-surge-stunned-traders-learn-biden-propose-massive-2-trillion-stimulus

 

            The coronavirus

 

              Update on coronavirus stats.

              https://politicalcalculations.blogspot.com/2021/01/ten-months-of-coronavirus-pandemic-in-us.html#.X_9SVOhKiM8

 

            Bottom line.  The stock market doesn’t care.

                        https://americanconsequences.com/the-stock-market-still-doesnt-care/

 

                        Just take the money.

                        https://ofdollarsanddata.com/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.

            https://promarket.org/2021/01/11/facebook-twitter-ban-trump-parler-concentration-power/

 

            The problem with bitcoin as currency.

            https://www.realclearmarkets.com/articles/2021/01/13/bitcoin_what_it_is_isnt_and_where_flawed_money_is_heading_656268.html

 

            Setting the stage for a bitcoin rally.

            https://www.zerohedge.com/markets/setting-stage-bitcoins-rally-above-100000-unexpectedly-low-volatility

 

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