The Morning Call--The next phase of the Melt Up is here

 

The Morning Call

 

5/4/12

 

         

    Technical

 

            Monday in the charts.

            https://www.zerohedge.com/markets/crypto-gold-jump-dollar-dumps-stocks-bonds-rise

 

            Gold waking up?

            https://www.zerohedge.com/the-market-ear/cjxt757ujy

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

                          March construction spending was up 0.2% versus expectations of up 1.9%.

                          https://www.calculatedriskblog.com/2021/05/construction-spending-increased-02-in.html

 

                          The April manufacturing PMI was 60.5 versus projections of 60.6.

   https://www.advisorperspectives.com/dshort/updates/2021/05/03/april-markit-manufacturing-strongest-improvement-in-operating-conditions-on-record-amid-marked-uptick-in-client-demand

 

                          The April ISM manufacturing index was 60.7 versus estimates of 65.0.

                          https://www.advisorperspectives.com/dshort/updates/2021/05/03/april-ism-manufacturing-index-continued-expansion-despite-decrease

 

                        International

 

                          The April UK manufacturing PMI was 60.9 versus forecasts of 60.7.

 

                        Other

 

                          Savings stockpile could accelerate economic growth.

                          https://www.wsj.com/articles/covid-19-savings-stockpile-could-accelerate-economyif-consumers-spend-it-11619967601

 

                          Update on seven high frequency indicators.

                          https://www.calculatedriskblog.com/2021/05/seven-high-frequency-indicators-for.html

 

            The Fed

 

              The Fed will be late again.

              https://realinvestmentadvice.com/all-inflation-is-transitory-the-fed-will-be-late-again-04-30-21/?utm_medium=email&utm_campaign=Real%20Investment%20Report%20All%20Inflation%20Is%20Transitory%20The%20Fed%20Will%20Be%20Late%20Again&utm_content=Real%20Investment%20Report%20All%20Inflation%20Is%20Transitory%20The%20Fed%20Will%20Be%20Late%20Again+CID_fc2e65e8ad77f8ef2f9a6cc8832d97d9&utm_source=RIA%20Email%20Marketing%20Software&utm_term=READ%20MORE

 

              Froth.

              https://www.zerohedge.com/markets/froth

 

              The Fed’s ‘base effect’ inflation argument is nonsense.

              https://www.zerohedge.com/economics/feds-base-effect-inflation-argument-nonsense

 

              The liquidity pulse is about to slow.

              https://www.zerohedge.com/markets/liquidity-tsunami-ends-bang-treasury-expects-just-100bn-cash-injection-over-next-2-months

 

            Biden’s Plan

 

              Biden’s tax plans have a math problem.

              https://www.investors.com/news/biden-tax-hikes-how-his-plan-hamstrings-agenda-and-sp-500/

 

              Biden’s plan faces Dem opposition.

              https://www.zerohedge.com/markets/jpm-bidens-infra-bill-faces-enough-dem-opposition-it-will-be-materially-lower-4-trillion

 

            Inflation

 

              Coming disinflation.

              https://www.advisorperspectives.com/commentaries/2021/05/03/the-coming-disinflation

 

              Commodity prices boom.

              https://www.ft.com/content/1332da37-bf45-409f-9500-2fdac344d1dd

 

              BofA: ‘transitory hyperinflation’ ahead.

              https://www.zerohedge.com/markets/bofa-transitory-hyper-inflation-ahead

 

     Bottom line.

           

            The next phase of the Melt Up is here.

            https://americanconsequences.com/chris-igou-the-next-phase-of-the-melt-up-is-here/

 

    News on Stocks in Our Portfolios

 

Cummins (NYSE:CMI): Q1 GAAP EPS of $4.07 beats by $0.60.

Revenue of $6.09B (+21.6% Y/Y) beats by $740M.

 

CVS Health (NYSE:CVS): Q1 Non-GAAP EPS of $2.04 beats by $0.32; GAAP EPS of $1.68 beats by $0.35.

Revenue of $69.1B (+3.5% Y/Y) beats by $750M.

 

What I am reading today

 

            What higher education institutions got right and wrong.

            https://www.profgalloway.com/higher-ed-2-0-what-we-got-right-wrong/

           

            Kissinger on US/China tensions.

            https://www.zerohedge.com/geopolitical/worlds-biggest-problem-kissinger-warns-colossal-dangers-growing-us-china-tensions

 

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